Coal India Divestment

Coal India workers will go on a nation-wide strike on September 2 to mark their protest against further divestment and strategic sale in the sector.

Coal India workers will go on a nation-wide strike on September 2 to mark their protest against further divestment and strategic sale in the sector.

Coal production had to be curtailed in the month of April on the back of low offtake of the fossil fuel, a top official on Monday said.

The buybacks will help the government partly make up for a funds shortfall in its ambitious divestment target.

Plagued by poor investor appetite for state-owned assets, the government was likely to scale back its revenue targets from planned divestments, following already huge shortfalls from planned asset sales in recent years.

The stake sale, valued at about $3.2 billion at the current stock price, is part of government's aim to raise Rs 69,500 crore ($10.52 billion) by March by selling minority stakes in government-owned companies.

Coal and Power Minister Piyush Goyal told reporters today that government expects to raise around Rs 20,000 crore from the sale of 10 per cent stake in Coal India (CIL).

Eight investment banks including HSBC and India's ICICI Securities and SBI Capital have submitted bids to manage a 10-percent stake divestment in state-owned Coal India, IFR reported, citing a person close to the deal.

The government still needs to sell about just over per cent of its stake in Coal India to bring down its holding to 75 per cent.

Buoyed by retail participation in the recent Coal India divestment programme through offer for sale (OFS), National Stock Exchange (NSE) on Thursday said brokerages and investors need to keep adequate funds ready to buy shares in such issues as they are announced in a short notice.

Finance Minister Arun Jaitley, in the Budget for 2015-16, is likely to target around Rs 43,000 crore from disinvestment proceeds, almost the same level that the government expects to realise from stake sale in public sector undertakings or PSUs this fiscal year.

With inflation under control and hopes of the government reaching its divestment target, many bankers believe that macroeconomic indicators are conducive for a further rate cut of 0.25 per cent by Reserve Bank of India on Tuesday.

Coal Minister Piyush Goyal today said the success of 10 per cent stake sale in Coal India, which raised about Rs 22,600 crore, reflected the investors' confidence in the government's ability to usher in reforms.

After the successful Coal India share sale, the Narendra Modi government has set a new record for highest-ever divestment proceeds in a year. And now the government is aiming even higher.

The sale, set to raise about $3.7 billion at the auction base price, is India's largest ever, moving the government closer to the still distant $10 billion target which it needs to hit to trim the fiscal deficit to a seven-year low by the end of March.

Coal India workers will go on a nation-wide strike on September 2 to mark their protest against further divestment and strategic sale in the sector.

Coal India workers will go on a nation-wide strike on September 2 to mark their protest against further divestment and strategic sale in the sector.

Coal production had to be curtailed in the month of April on the back of low offtake of the fossil fuel, a top official on Monday said.

The buybacks will help the government partly make up for a funds shortfall in its ambitious divestment target.

Plagued by poor investor appetite for state-owned assets, the government was likely to scale back its revenue targets from planned divestments, following already huge shortfalls from planned asset sales in recent years.

The stake sale, valued at about $3.2 billion at the current stock price, is part of government's aim to raise Rs 69,500 crore ($10.52 billion) by March by selling minority stakes in government-owned companies.

Coal and Power Minister Piyush Goyal told reporters today that government expects to raise around Rs 20,000 crore from the sale of 10 per cent stake in Coal India (CIL).

Eight investment banks including HSBC and India's ICICI Securities and SBI Capital have submitted bids to manage a 10-percent stake divestment in state-owned Coal India, IFR reported, citing a person close to the deal.

The government still needs to sell about just over per cent of its stake in Coal India to bring down its holding to 75 per cent.

Buoyed by retail participation in the recent Coal India divestment programme through offer for sale (OFS), National Stock Exchange (NSE) on Thursday said brokerages and investors need to keep adequate funds ready to buy shares in such issues as they are announced in a short notice.

Finance Minister Arun Jaitley, in the Budget for 2015-16, is likely to target around Rs 43,000 crore from disinvestment proceeds, almost the same level that the government expects to realise from stake sale in public sector undertakings or PSUs this fiscal year.

With inflation under control and hopes of the government reaching its divestment target, many bankers believe that macroeconomic indicators are conducive for a further rate cut of 0.25 per cent by Reserve Bank of India on Tuesday.

Coal Minister Piyush Goyal today said the success of 10 per cent stake sale in Coal India, which raised about Rs 22,600 crore, reflected the investors' confidence in the government's ability to usher in reforms.

After the successful Coal India share sale, the Narendra Modi government has set a new record for highest-ever divestment proceeds in a year. And now the government is aiming even higher.

The sale, set to raise about $3.7 billion at the auction base price, is India's largest ever, moving the government closer to the still distant $10 billion target which it needs to hit to trim the fiscal deficit to a seven-year low by the end of March.