Aug 29 India has selected seven banks including
Goldman Sachs and Deutsche Bank to manage a
five percent government stake divestment in state miner Coal
India Ltd, two sources with direct knowledge of the
At the current market price, the Coal India stake sale will
raise about 79 billion rupees ($1.16 billion) for the
government, which is struggling with a record high current
account deficit, growing fiscal pressures and a slowing economy.
Others selected for the stake divestment are Bank of America
Merrill Lynch, Credit Suisse and Indian banks
SBI Capital, JM Financial and Kotak Mahindra Capital, said the
sources who declined to be named ahead of a public announcement.
The share sale could be launched in October depending on the
market conditions, the sources said.
($1 = 68.1450 Indian rupees)
(Reporting by Sumeet Chatterjee in MUMBAI; Editing by Jijo