As its disinvestment programme picks up, the government may next fiscal sell up to 10% stake in the world's largest coal producer Coal India Ltd to rake in over Rs 18,000 crore.
"The government is considering to offload up to 10% stake in Coal India through the offer for sale (OFS) route in the next financial year," a source said, adding, the plan is at the initial stage.
An e-mail sent to Coal India Ltd (CIL) spokesperson on the issue did not elicit any response.
Shares of CIL closed at Rs 320 apiece on the BSE on Friday. At the current price, a sale of 56.84 crore shares, or 10% of government holding, could fetch over Rs 18,000 crore to the exchequer.
The Department of Disinvestment would soon invite bids from merchant bankers and legal advisers for managing the CIL stake sale.
CIL will be the biggest disinvestment for the government in the 2013-14 fiscal. The government plans to raise Rs 40,000 crore by way of PSU stake sale next fiscal.