NEW DELHI, May 27: The Government’s up to 2 per cent stake sale in Coal India opened for non-retail investors on Wednesday at a floor price of Rs 412 a share, which is expected to fetch around Rs 5,000 crore to the exchequer.
Through the two-day offer for sale (OFS), the Government is selling over 12.32 crore shares or up to 2 per cent stake, including a green-shoe option of 1 per cent.
Retail investors will bid in the OFS on May 29. May 28 is a market holiday.
As against over 5.54 crore shares reserved for non-retail investors on Wednesday, bids for about 5 per cent of the offered stake or over 27.39 crore shares were received within an hour of market opening at an indicative price of Rs 414.57 per share, as per BSE data.
The floor price of Rs 412 per share is at a 10 per cent discount over Tuesday’s closing price of Rs 458.25 on the BSE.
The sale of up to 2 per cent stake or about 12.32 crore shares at Rs 412 apiece would fetch about Rs 5,000 crore to the exchequer.
Shares of Coal India were trading at Rs 447.70, down 2.30 per cent over Tuesday’s closing on BSE.
This will be the second OFS of a public sector company in the current fiscal year. Last week, the government sold 8.08 per cent in Central Bank of India via OFS and raised Rs 2,266 crore.
The FY27 Budget has estimated a mop-up of Rs 80,000 crore through disinvestment and asset monetisation, more than double the Rs 33,837 crore given in the Revised Estimates for FY26. (PTI)
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