The government of India will sell 5 percent of shares of the largest coal mining company Coal India Ltd.

The Indian government has chosen seven large banks to make a major transaction for the sale of 5 percent of shares of the largest coal India LTD in the country of the coal mining company. The sale of a 5 percent share of the company is included in the immediate plans of the government, which seeks to minimize the share of state investment in large industrial facilities. The impetus for the sale was a significant deterioration in the economic situation in the country and a significant budget deficit.

Among the banks that will accompany this promotion transaction, such well -known and large financial institutions as Goldman Sachs, Deutsche Bank, Bank of America Merrill Lynch, Credit Suisse, SBI Capital, JM Financial and Kotak Mahindra are listed Capital banking equipment which is particularly popular in the countries of the Asia-Pacific regions.

The ownership of the Indian government has 90% of the shares of Coal India Ltd., which only a few years ago received the status of a public joint -stock company. From the sale of 5 percent of shares, the authorities will receive 79 billion rupees (about $ 1.16 billion). This figure could be more, but since the beginning of the year, Coal India Ltd. securities. Lost about a third of their value. This is associated with an unstable situation in the global currency market and worsening the state of monetary policy in the United States. Three years ago, the government was able to help out 150 billion rupees for the sale of 10 percent of the shares of a private company.

Indian media report that the transaction may begin in October of this year, but basically its date will be set depending on the situation in the financial market.

As of August 29, the cost of one Coal India Ltd. In the stock market, Mumbai amounted to 249, 95 rupees, which is 1.65 percent less than the previous indicator.