India raises $3.6b after cutting Coal India stake

Demand underscored global investor confidence in India and set up equity sales for other state-owned entities.

India raises $3.6b after cutting Coal India stake

India has raised Rs226.1 billion $3.6 billion after selling a 10% stake in state-run Coal India to the market, giving the government's faltering divestment drive a much needed boost.

The share sale will help the government towards its goal of raising $10 billion by selling minority stakes in state-owned companies, an effort to lower the fiscal deficit.

Decent investor response will undoubtedly lead to more equity issuance in near future...

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