The Finance Ministry has shortlisted seven merchant bankers for managing the proposed 10 per cent disinvestment in Coal India.

HSBC Securities and Capital Markets, Kotak Mahindra Capital, Edelweiss Financial Services, SBI Capital Markets, JM Financial Institutional Securities, ICICI Securities and Axis Capital have been shortlisted by the Department of Disinvestment after a wait of over two months from the time applications were invited.

Book-running lead managers The seven merchant bankers are scheduled to make presentations before the DoD later this week. The DoD will eventually select up to five of the shortlisted merchant bankers to form a team of book-running lead managers for the stake sale.

Sources said the final decision will be taken by early next month and the stake sale is likely to take place in late January or early February.

The Cabinet had last week approved 10 per cent sale of stake in the State-run coal miner, which is likely to raise at least ₹ 21,000 crore based on the scrip’s closing price of ₹332.60 on Monday on the BSE.