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The government has sold 2.21 percent stake in state-owned Coal India Ltd. to the CPSE ETF which is managed by Reliance Nippon Life Asset Management Ltd., according to a regulatory filing.
"The President of India, acting through the Ministry of Coal...has sold 13.73 crore i.e. 2.21 per cent equity shares of Coal India Ltd to the AMC," Coal India said in a filing to BSE on Thursday.
Coal India accounts for over 80 percent of domestic coal production. "Post-acquisition holding of promoter is 72.92 percent of equity share capital of the company," the filing said.
The company said the "the off-market sale (is) by the President of India through the Ministry of Coal to Reliance Nippon Life Asset Management Ltd, as the asset management company of the CPSE ETF mutual fund scheme".
The government has garnered over Rs 17,000 crore from the CPSE ETF follow-on offer, the biggest-ever fundraising from an exchange-traded fund domestically.
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