Govt plans to raise Rs 20,000 crore by selling stakes in CIL, IDBI Bank

In case of Coal India, if valuations are not attractive, company will buy back shares from the govt

The Union government is considering a plan to raise as much as Rs 20,000 crore by selling stake in the world’s largest coal producer, and IDBI Bank to fund a stimulus programme aimed at boosting the virus-battered economy, officials with knowledge of the matter said.

The proposal involves a share sale depending on the market sentiment, said the officials, who asked not to be identified, as the discussions are private. In case of Coal India, if valuations are not attractive, the company will buy back shares from the government, they said. Two calls made to the finance ministry spokesman remained unanswered.

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