Coal news and updates

Coal India stake sale: deadline extended again

The Department of Disinvestment in the Finance Ministry has again extended the last date for submission of bids for engagement of merchant bankers for managing the proposed 10 per cent stake sale in Coal India.

78.65% stake

The last date for submission of bids has been extended by three weeks to October 14, a notice issued by the Disinvestment Department showed.

The Centre — which owns 78.65 per cent stake in Coal India — had, on August 12, invited bids from merchant banks by September 2 to manage the offer-for-sale. However, the Centre had on September 1 extended the last date for submission of bids to September 23.

The latest executive notice issued by the DoD said the proposals can now be submitted latest by 1500 hours on October 14.

The technical bids will be opened in the presence of bidders on October 14 at 1600 hours, it added.

As against the divestment target of ₹69,500 crore this fiscal, the government has so far raised ₹12,600 crore through sale of shares in four PSUs.

The Centre had on August 24 raised over ₹9,300 crore through sale of 10 per cent stake in Indian Oil Corporation.

Source: Hindu Business Line