Herbert Smith Freehills has advised the government of India on a $3.6 billion share sale by state-controlled Coal India Ltd.
The government sold a 10 percent stake in the Kolkata-based company, the world’s largest coal miner, unloading 632 million shares to both institutional and retail investors. According to The Wall Street Journal, foreign investors bought about $1 billion worth of Coal India stock in the deal, while state-run Life Insurance Corp. of India picked up 45 percent of the total shares available for $1.7 billion.
