(ET)
The government sold nearly 2.91 per cent stake in Coal India (CIL) last week and raised more than 3,200 crore in a subdued stock market. Since April last year, the Centre has pared around 4.82 per cent in the state-owned company, raising about 5,700 crore in this financial year. Currently, the government’s stake stands at 66.14 per cent. It has to reduce its holding by another 1.14 per cent to bring down its stake to the minimum public holding limit of 35 per cent in listed companies.
Last week, the Centre sold 179.57 million shares in CIL at around 177.9 a piece via its central public sector enterprise exchange traded fund (CPSE ETF) scheme, under which the Department of Investment and Public Asset Management, along with Nippon Life India Asset Management as the asset management company of the scheme, floated its sixth further fund offer.
