Bengaluru: The Indian government will divest a 3% stake in Coal India Ltd by selling up to 186.2 million shares in the miner, the state-owned company said on Tuesday.

The government has a target to raise a record Rs1 trillion ($13.57 billion) from the sale of state assets in the current fiscal year ending March 2019.

The shares will be sold at a floor price of Rs266 apiece, and the sale will be conducted on Wednesday and Thursday, the company said in a filing.

The government of India owns 78.3% in the coal miner, according to data on the Bombay Stock Exchange.

The offer may be extended to include an additional 372.4 million shares in the company, Coal India said.

Shares in Coal India closed 4% weaker at Rs275.85 on the National Stock Exchange on Tuesday.