India: HSBC, ICICI Securities, SBI Cap, 5 others bid for Coal India’s $3.2b stake sale mandate

Surface coal mining Credit: Wikimedia Commons

Eight investment banks including HSBC and India‘s ICICI Securities and SBI Capital have submitted bids to manage a 10-percent stake divestment in state-owned Coal India, IFR reported, citing a person close to the deal.

The stake sale, valued at about $3.2 billion at the current stock price, is part of New Delhi’s aim to raise 695 billion rupees ($10.52 billion) by March by selling minority stakes in government-owned companies.

Other investment banks who have submitted bids for the share offering are India‘s Axis Capital, Elara Capital, Edelweiss, Kotak Investment Banking and JM Financial, IFR, a Thomson Reuters publication, said.

The Department of Disinvestment, which oversees stake sales in state firms, and all eight banks did not immediately respond to Reuters request for comment.

The deadline for submitting bids for Coal India share sale was extended thrice as global investment banks came under pressure from environmental groups to steer clear of the share sale, sources told Reuters last month.

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Reuters

 

Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.