The Children's Investment Fund, a chief critic of the governments control in Coal Indias functioning, had bought 1.8% or 110 million shares in the mining company during the initial public offer in 2010.
TCI has been gradually paring its stake over the last few quarters and, last week, it sold off the remaining 160,000 shares, said a senior Coal India official. Though they were quite vocal in some of the issues like with regard to the pricing of coal, they had made good money on their investment since the IPO, he added.
In the past, the UK fund has criticised Coal India's decision to sell coal at cheap rates to power companies under the fuel-supply agreement. Besides, the hedge fund had also filed petitions in the high courts of Delhi and Kolkata, accusing Coal India management of acting against the interest of the minority shareholders by signing the fuel supply pacts.
The Children's Investment Fund also said Coal India management was responsible for the delay in installation of coal washeries, inefficiency in underground mining, and inability to raise annual production.
Following the exit of the UK fund, Life Insurance Corp of India has become the largest non-promoter shareholder of Coal India with 2.33% stake. The government holds 89.65% stake in Coal India.