Government to sell up to 10 pct of Coal India on Friday

MUMBAI (Reuters) - The government will sell a stake of up to 10 percent in state-run Coal India Ltd through an auction on the stock exchanges on Friday, the government said.

That stake would be worth as much as $3.9 billion at current market prices.

The government, which owns close to 90 percent of the coal miner, is selling 315.8 million shares with an option to sell another 315.8 million, according to a notice to the exchanges on Wednesday.

The stake sale is part of a government plan to raise about $10 billion in asset sales during the current fiscal year to end-March.

 

(Reporting by Devidutta Tripathy; Editing by Clara Ferreira Marques)