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Morgan Stanley buys Cil shares worth Rs 485 cr

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SummaryMorgan Stanley today picked up 1.67 crore shares of state-owned Coal India for R485 crore through the open market route.

Morgan Stanley today picked up 1.67 crore shares of state-owned Coal India for R485 crore through the open market route.

According to the information available with the stock exchanges, Morgan Stanley Asia (Singapore) Pte purchased 1,67,29,556 shares of CIL from DB International Asia.

The shares were bought at an average of R290.25, valuing the transaction at R485.57 crore, the data showed. The government holds 90% stake in the world's largest coal producer; foreign institutional investors own 5.51% and domestic institutional investors hold 2.34%.

Coal India, which accounts for over 80% of the domestic production, has set an output target of 482 million tonne for the current fiscal. The company produced 452.5 mt coal last fiscal.

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