29 Jan , New Delhi,
The Government of India , to meet the fiscal deficit, has decided to sell up to 10 per cent stake in state owned Coal India tomorrow, Friday . The decision will help the government to raise revenue of 24,000 crore rupees at the current market price.
The decision on CIL stake sale was cleared by high-powered ministerial panel headed by Finance Minister Arun Jaitley. The government plans to divest 5 per cent stake in the company via share sale and the remaining 5 per cent through the green-shoe option.
Currently, the government holds 89.65 per cent stake in CIL. As per the minimum shareholding norms for listed companies, the government needs to lower its stake in the state-run behemoth to 75 percent.
Centre had set a target to raise 43,425 crore rupees revenue from stake sale in public sector undertakings in the current fiscal.
Earlier, it has managed to raise 1,700 crore rupees from divesting its 5 per cent stake in Steel Authority of India.