NEW DELHI, 16 JUNE: The finance ministry has floated a draft Cabinet note for 10 per cent stake sale in Coal India through the offer for sale (OFS) route, which could fetch around Rs 20,000 crore to the exchequer.
An inter-ministerial panel had last month cleared the 10 per cent stake sale in Coal India Limited (CIL). At present, the government holds 90 per cent in the coal major.
“The department of disinvestment (DoD) has floated Cabinet note for 10 per cent OFS in CIL. We expect to get comments from ministries by early next month,” an official source said.
Earlier, DoD was planning to ask CIL to go for part buyback of the government equity. Sources, however, said the company has made investments in its subsidiaries from the cash balance and hence cannot go for a buyback.
Shares of CIL closed at Rs 301, up 0.65 per cent over previous close on the Bombay Stock Exchange on Friday. pti