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Merchant banker for CIL share sale soon

The country’s largest coal miner, Coal India Ltd (CIL), is likely to appoint a merchant banker soon to advise it on the proposed disinvestment in the company.

business Updated: Nov 02, 2009 21:58 IST

The country’s largest coal miner, Coal India Ltd (CIL), is likely to appoint a merchant banker soon to advise it on the proposed disinvestment in the company.

The government may offload a maximum of 10 per cent of its stake in the state-run firm. Currently, its holdings in CIL stands at 100 per cent.

“Coal India may appoint a merchant banker soon to advise it on the proposed disinvestment,” a top coal ministry official said.

Two such bankers have recently made presentations in this connection, the official said.

He clarified that this process should not be confused with the appointment of the investment banker, who is to be appointed after the disinvestment process in the company starts.

“The investment banker to oversee the stake sale process will be appointed by the department of disinvestment after the share sale in the company gets Cabinet nod,” he added.

The CIL spokesperson could not be reached for comments.

The Coal Ministry and its PSU Coal India is in talks with the department of disinvestment to “fine tune” the draft on the proposed stake sale.