India’s federal cabinet has permitted a sale of the government’s stake in Bharat Heavy Electricals (BHEL), Reuters reports. The state will divest 5 percent of its 67.7 percent ownership in the company through a follow-on public share offering.

The stake is presently valued at about $940 million. The government intends to raise $8.7 billion through share sales in state-run firms in the current fiscal year to March. Bank of America Merrill Lynch, Morgan Stanley and two Indian banks have been shortlisted to manage the BHEL stake sale.

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