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Govt to sell 10% stake in Coal India on Jan 30

India will sell a stake of up to 10% in state-run Coal India Ltd through an auction on the country’s stock exchanges on Friday, the government said.

That stake would be worth as much as Rs 24,000 crores at current market prices.

The government, which owns close to 90% of the coal miner, is selling 315.8 million shares with an option to sell another 315.8 million, according to a notice to the exchanges on Wednesday.

The stake sale is part of a government plan to raise about Rs 60,000 cr in asset sales during the current fiscal year to end-March.

The floor price will be declared at 5 pm tomorrow.

25% of the Offer For Sale is reserved for mutual funds, insurance companies.

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