Coal India gains on govt stake sale report

Thu Apr 4, 2013 2:34pm IST

Local women carry coal taken from open cast coal field at Dhanbad district in Jharkhand September 19, 2012. REUTERS/Ahmad Masood

Local women carry coal taken from open cast coal field at Dhanbad district in Jharkhand September 19, 2012.

Credit: Reuters/Ahmad Masood

Related Topics

Stocks

   

Reuters Market Eye - Shares in Coal India Ltd(COAL.NS) gain as much as 4.1 percent after Bloomberg news reported that the government plans to raise 200 billion rupees by selling part of its stake in the company.

The report, quoting a draft finance ministry proposal, said the government plans to sell a 5 percent stake to the public and a similar holding to the company.

A senior finance ministry official with direct knowledge of the matter told Reuters the government was looking to raise 180-200 billion rupees via the stake sale, but was yet to decide the mode.

A senior Coal India official said, "We are not aware of this. Nothing has come to us."

At 2.32 p.m. shares were up 2.95 percent at 310.45 rupees.

(Reporting by Abhishek Vishnoi, Rajesh Kumar Singh and Malini Menon)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

REUTERS SHOWCASE

Shortage of Coal

Shortage of Coal

Coal import rush leads to port congestion  Full Article 

Modi's U.S. Visit

Modi's U.S. Visit

Modi to observe strict fast during maiden trip to U.S.  Full Article 

Mars Mission

Mars Mission

India's Mars mission a step closer to success with engine test  Full Article 

Bumper Sales

Bumper Sales

Apple sells more than 10 mln new iPhones in first three days  Full Article 

Dubai Housing

Dubai Housing

Dubai housing costs soar to Manhattan peaks, forcing moves to outskirts  Full Article 

Whistleblower Award

Whistleblower Award

U.S. SEC to pay $30 million-plus in largest whistleblower award  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage