Government on Wednesday approved 10 per cent stake sale in state-owned Coal India Ltd, a move that could fetch around Rs. 20,000 crore to the exchequer.
Announcing the Cabinet decision, Coal and Power Minister Piysh Goyal said at a press briefing that government is expecting to mop up around Rs. 20,000 crore from the sale of 10 per cent stake CIL.
At current market capitalisation, based on CIL stock price, 10 per cent stake sale could fetch about Rs. 21,137.71 crore.
The government had earlier said that it may sell the stake in CIL in the current fiscal through a public offer. It holds 79.65 per cent in the company.
The government has budgeted to raise Rs. 69,500 crore through disinvestment in the current fiscal. Of this, Rs. 41,000 crore is to come from minority stake sale in PSUs and the remaining Rs. 28,500 crore from strategic stake sale.
For disinvestment in 2015-16, the government has a pipeline of over 20 PSUs for which it has the Cabinet approval. These include 10 per cent stake sale each in OIL, Nalco, NMDC, and 5 per cent each in NTPC, ONGC, BHEL.