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 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 in other state-owned firms such as Oil and Natural Gas Corp and Power Finance Corp.

Books opened on Friday with a floor price of Rs358 per share, representing a 4.5% discount...

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222