Business

Coal India shares on sale in record share offering

A mine in India
Image caption Coal India is the biggest mining company in the world - the Indian government hopes to raise $3.5bn

Shares in the world's biggest coal miner, Coal India, have gone on sale in India's record initial public share offering (IPO).

The country's government plans to raise up to 155bn rupees ($3.5bn; £2.2bn) by selling 10% of the company.

The sale is part of a government plan to sell stakes in about 60 companies in order to cut the fiscal deficit and boost spending on welfare programmes.

Coal India's flotation closes on Wednesday for institutional investors.

Private investors will have until Thursday to subscribe.

Stock exchange data showed the offer was approximately 32% covered by early afternoon on Monday.

Bids for more than 205 million of the 631.6 million shares available had been tendered.

Large IPOs in India typically see the heaviest subscription towards the end of the offer period.

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