The Centre on Thursday announced that it will sell up to 10 percent stake in state owned Coal India in order to meet the fiscal deficit.
The decision to sell the stakes was reportedly cleared by a ministerial panel headed by Union Finance Minister Arun Jaitley , with the government seeking to raise Rs 24,000 crores at the current market rates.
According to reports, five percent of the stake shall be divested in the company via the sale and another five percent shall be sold via the greenshoe option.
With the Centre holding a reported 89.65 percent stake in Coal India, the shareholding reportedly needs to be reduced to 75 percent to abide by the minimum shareholding norms for listed companies. (ANI)