India picks seven banks for 5% stake sale in Coal India

India has selected seven banks including Goldman Sachs and Deutsche Bank to manage a five percent government stake divestment in state miner Coal India Ltd, two sources with direct knowledge of the situation said.

At the current market price, the Coal India stake sale will raise about RS 79 billion for the government, which is struggling with a record high current account deficit (CAD), growing fiscal pressures and a slowing economy.

Also read: FM for more reforms, wants end to impasse on coal, iron ore

Others selected for the stake divestment are Bank of America Merrill Lynch, Credit Suisse and Indian banks SBI Capital, JM Financial and Kotak Mahindra Capital, said the sources who declined to be named ahead of a public announcement.

The share sale could be launched in October depending on the market conditions, the sources said.

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