New Delhi: The government’s offer-for-sale (OFS) of up to 3% stake in Coal India witnessed overwhelming response from non-retail investors, leading to an oversubscription of the non-retail portion. Investors have submitted bids for 28.7 crore shares, representing an impressive 345.72% of the offer size reserved for them, as of 15:30 IST.
Data Table:
| Offer Size (in crore shares) | Bids Received (in crore shares) | Subscription Ratio |
|---|---|---|
| 8.31 | 28.7 | 345.72% |
The OFS entails the sale of more than 18.48 crore shares, equivalent to 3% of the total shares of the Public Sector Undertaking (PSU) coal producer. The floor price for the two-day OFS is set at ₹225 per share. In case of oversubscription, a green shoe option of 1.5% is included in the sale.
The auction for retail investors will commence on Friday. This stake sale marks the first disinvestment by a PSU in the current fiscal year and focuses on Coal India. The OFS began today and will remain open for subscription until Friday, June 2.
If fully subscribed, the 3% stake sale is expected to generate over ₹4,000 crore for the government, bringing it closer to achieving its disinvestment target of ₹51,000 crore for the current fiscal year through the sale of stakes in Coal India.
Coal India shares experienced significant selling pressure during morning trade, resulting in a continued decline for the fourth consecutive session. On Thursday, the intraday drop in the share price was approximately 4.80%. The share price opened lower today and reached an intraday low of ₹229.55 per share on the NSE.
Since Tuesday’s trading, Coal India shares have been under pressure as the PSU stock offered shares at a reduced price of ₹225 per share.
(Note: The provided data has been converted into a data table for better readability.)
