August 29, 2013 / 10:54 AM / 6 years ago

India picks seven banks for 5 percent stake sale in Coal India: sources

A labourer unloads coal from a supply truck at a yard on the outskirts of Ahmedabad August 21, 2013. REUTERS/Amit Dave/Files

REUTERS - India has selected seven banks including Goldman Sachs(GS.N) and Deutsche Bank(DBKGn.DE) to manage a five percent government stake divestment in state miner Coal India Ltd(COAL.NS), two sources with direct knowledge of the situation said.

At the current market price, the Coal India stake sale will raise about 79 billion rupees for the government, which is struggling with a record high current account deficit, growing fiscal pressures and a slowing economy.

Others selected for the stake divestment are Bank of America Merrill Lynch (BAC.N), Credit Suisse CSGN.VX and Indian banks SBI Capital, JM Financial and Kotak Mahindra Capital, said the sources who declined to be named ahead of a public announcement.

The share sale could be launched in October depending on the market conditions, the sources said.

Reporting by Sumeet Chatterjee in MUMBAI; Editing by Jijo Jacob

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