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BENGALURU: The Indian government is proposing to sell up to a 3% stake in state-owned miner Coal India Ltd, it said in a filing on Wednesday.

The proposal includes a sale of up to 1.5% stake in the company on June 1-2, with an option to sell an additional 1.5% stake.

The government owns a 66.13% stake in the Kolkata-based company as of March 31, according to exchange data. The floor price for the stake sale is 225 rupees a share, a 6.7% discount to Wednesday’s closing level. The Indian government expects to raise 510 billion rupees ($6.17 billion) during the current financial year by selling its shares in state-run firms, budget documents released in February showed.

The government missed its divestment target of 500 billion rupees in the year ended March 31, bringing in about 352.93 billion rupees. The government last sold a 3.5% stake in aerospace and defence company Hindustan Aeronautics Ltd in March, fetching it 29.01 billion rupees, according to the finance ministry’s Department of Investment and Public Asset Management website.

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