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Eight banks submit bids to manage $3.2 bln Coal India stake sale - IFR
November 16, 2015 / 8:12 AM / 2 years ago

Eight banks submit bids to manage $3.2 bln Coal India stake sale - IFR

Nov 16 (Reuters) - 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 stake sale, valued at about $3.2 billion at the current stock price, is part of New Delhi’s aim to raise 695 billion rupees ($10.52 billion) by March by selling minority stakes in government-owned companies.

Other investment banks who have submitted bids for the share offering are India’s Axis Capital, Elara Capital, Edelweiss, Kotak Investment Banking and JM Financial, IFR, a Thomson Reuters publication, said.

The Department of Disinvestment, which oversees stake sales in state firms, and all eight banks did not immediately respond to Reuters request for comment.

The deadline for submitting bids for Coal India share sale was extended thrice as global investment banks came under pressure from environmental groups to steer clear of the share sale, sources told Reuters last month. (Reporting by Anuradha Subramanyan in SINGAPORE and Sumeet Chatterjee in MUMBAI; Editing by Gopakumar Warrier)

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