The cabinet committee on economic affairs has finally approved stake sales in Coal India and Hindustan Copper. As per the plan, the government will sell ten percent of Coal India through an IPO that’s expected to fetch $2.7 billion.
As for Hindustan Copper, the government will sell a total 20% stake in it. Out of that, 10% will come from the government divesting its stake and another 10% will come from fresh equity. That’s expected to bring in $1.06 billion.
Fortis has stepped up preparations for a possible battle to control Parkway Healthcare. A report on Tuesday says it has hired Religare Capital and Macquarie to help fund a potential takeover of Parkway. Fortis owns about a quarter of the company, but Malaysian fund Khazanah has since made its own competing bid for a controlling stake. Last week Fortis said it would raise Rs2,750 crore through securities. And its board increased the borrowing limit to Rs6,000 crore.