Fri. Dec 9th, 2022

NEW DELHI: India plans to sell small stakes in state-owned companies, including the world’s biggest coal miner and Asia’s biggest zinc producer, to take advantage of a stock market boom and boost revenue in the final quarter of the fiscal year, according to people familiar with the matter.
The government is looking to sell 5%-10% in Coal India Ltd, Hindustan Zinc Ltd, rashtriya chemicals and Fertilizers Ltd through a so-called offer-for-sale mechanism, said the people, who asked not to be named because details are not yet public. In total, five companies could be chosen, including an entity listed with the railway ministry, they added.
At current prices, sales at the lower end of the range could net the government about 165 billion rupees ($2 billion),…

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