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Business News/ Companies / News/  Coal India OFS over-subscribed by 417%, Centre to get more than 4,000 crore

Centre’s offer for sale (OFS) of shares in Coal India received a robust response from non-retail or institutional investors as well as the retail investors on Friday. 

In the two-day offer for sale (OFS), the government sold its 18.48 crore shares or 3 per cent stake in Coal India.  On Wednesday, the union ministry of coal informed the exchanges that the floor price for OFS would be 225 per share. At the floor price, the overall offer size adds up to over 4,100 crore.

Retail investors on Friday bid for over 2.58 crore shares of Coal India. Institutional bidders on Friday put in bids for 5.12 crore shares. The institutional investors had on Thursday put in bids for over 28.76 crore share, while 

The offer consists of up to 9,24,40,924 equity shares or 1.5% shares and with the oversubscription, an equivalent amount of share would now be offered on Friday.

The coal ministry said in its letter to the exchanges that up to 5% shares of the total offer may be offered to employees as well. The allotment to an employee will be up to 2,00,000 and in the event of undersubscription in the employee portion, the total allotment to an employee shall not exceed 5,00,000, it said.

Coal India OFS is the maiden government stake sale of a public sector undertaking in the current fiscal. The government currently holds 66.13 per cent in CIL.

The stake sale in Coal India will help the government inch towards the 51,000-crore disinvestment target set for the current fiscal.

Shares of Coal India settled for the day at 230.90 apiece on the BSE, up 0.15 per cent over its previous closing price.

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Updated: 02 Jun 2023, 05:49 PM IST
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