Indian state-owned firms absent from market action due to tardy pace of divestment

On 16 November, the Department of Divestment finally received around eight bids from investment banks to manage the offer for sale (OFS) of Coal India Ltd (CIL). Photo: Mint

The equity capital markets have been buzzing with activity this financial year. While Rs.9,443 crore has been raised through initial public offerings (IPOs) and there is a long queue of companies waiting to hit the market, another Rs.12,836 crore has been raised through qualified institutional placements, according to data from primary market tracker Prime Database. As companies (both listed and unlisted) scramble to raise equity while the window is still open, one significant entity is missing in action: the Government of India.

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