Morgan Stanley buys Coal India shares worth Rs 485 cr

PTI Posted online: Tuesday, Dec 31, 2013 at 0000 hrs
Mumbai : Morgan Stanley today picked up 1.67 crore shares of state-owned Coal India Ltd for Rs 485 crore through 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 Ltd.

The shares were bought at an average of Rs 290.25 valuing the transaction at Rs 485.57 crore, the data showed.

The Government of India holds 90 per cent stake in the world's largest coal producer; Foreign Institutional Investors own 5.51 per cent and domestic institutional investors hold 2.34 per cent.

Coal India, which accounts for over 80 per cent of the domestic production, has set an output target of 482 million tonne for the current fiscal.

The company produced 452.5 MT coal in the previous financial year, as against the target of 464 MT.

CIL scrip closed at Rs 290 on the BSE, up 0.19 per cent.