Coal India Ltd.

Government of India is planning to sell more than 315 million shares or 5% stake of Coal India through an offer for sale (OFS) route. The OFS is likely to hit the market by the second week of December. In this regard, the government has reportedly selected seven merchant bankers for the stake sale -- Goldman Sachs, Credit Suisse, Deutsche Bank, SBI Capital Markets, Kotak Mahindra Capital, JM Financial and Merrill Lynch.

The shares will be allotted to Coal India employees at a 5% discount to the lowest cut-off price. A maximum of 10% of the offer will be kept for employees. Currently, Government holding in the company stood at 90.00%, while institutions and non-institutions held 7.85% and 2.15% stake in the company, respectively

Coal India is the world’s largest coal mining company. It also produces non-coking coal and coking coal of various grades for diverse applications.