MUMBAI: The government will sell a 3% stake of Coal India through the offer-for-sale (OFS) route with the floor price at Rs 225 per share. The floor price is at 6.7% discount to Coal India’s closing price on Wednesday on the BSE at Rs 241. The OFS will open on June 1 and close on June 2. At the floor price, the government would garner Rs 4,160 crore.
Currently, the government holds a little over 66% in Coal India, one of the largest coal miners in the world. At Wednesday’s closing, the ‘Maharatna’ PSU had a market capitalisation of almost Rs 1.5 lakh crore, BSE data showed.
According to the company’s intimation to the exchanges, the base offer is for 9.2 crore shares, (1.5% of Coal India) with an over-subscription option for an additional 9.2 crore shares. 10% of the offer is reserved for retail investors while 25% is reserved for mutual funds and insurance companies.
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