The government has shortlisted five Indian merchant bankers, including JM Financial, SBI Capital and ICICI Securities, for managing the over Rs 21,000-crore stake sale in Coal India.
Besides, Axis Capital and Kotak Mahindra Capital have also been selected for managing the stake sale of the ‘Maharatna’ PSU, sources said. This would be the first big PSU disinvestment to be managed by only Indian investment bankers.
The Cabinet had last week approved 10 per cent stake sale in Coal India. As many as seven merchant bankers had bid for managing the disinvestment of Coal India. FE