India has raised Rs226.1 billion $3.6 billion after selling a 10% stake in state-run Coal India to the market, giving the government's faltering divestment drive a much needed boost.
The share sale will help the government towards its goal of raising $10 billion by selling minority stakes in state-owned companies, an effort to lower the fiscal deficit.
Decent investor response will undoubtedly lead to more equity issuance in near future in other state-owned firms such as Oil and Natural Gas Corp and Power Finance Corp.
Books opened on Friday with a floor price of Rs358 per share, representing a 4.5% discount...
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