Goldman Sachs, Others Gain Part Ownership of Coal India Stake

Reuters reported that seven banks, including Goldman Sachs Group Inc. (NYSE:GS) and Deutsche Bank AG (NYSE:DB), have been selected by India to manage a 5-percent stake in Coal India Ltd. (BSE:533278).

As quoted in the market news:

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

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

Click here to read the full Reuters report.