Coal India share sale over-subscribed, govt to get more than Rs 4,000 crore

The Coal India share sale was over-subscribed by both retail and institutional investors and the government is expected to get more than Rs 4,000 crore.In the two-day offer for sale OFS, the government sold its 18.48 crore shares or 3 per cent stake in Coal India at a floor price of Rs 225 apiece.

The Coal India share sale was over-subscribed by both retail and institutional investors and the government is expected to get more than Rs 4,000 crore.

In the two-day offer for sale (OFS), the government sold its 18.48 crore shares or 3 per cent stake in Coal India at a floor price of Rs 225 apiece. At the floor price, the stake sale would fetch over Rs 4,000 crore to the exchequer.

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

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 Rs 51,000-crore disinvestment target set for the current fiscal.

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

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)