The selected banks include Goldman Sachs, Deutsche Bank, Bank of America Merrill Lynch, Credit Suisse, along with Indian investment banks, SBI Capital, JM Financial and Kotak Mahindra Capital.
The proposed divestment, which will reduce the government’s share in the company to 85%, is part of a state sell-off programme to raise Rs400bn ($5.9bn) in the fiscal ending next March in order to fill the current account deficit and eliminate downgrade ratings, Reuters reported citing undisclosed sources.
In protest against this share sale, five trade unions representing the state-run coal company’s staff are planning to strike for three days from 23 September.
