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Centre Proposes To Sell Up To 3% Stake In Coal India Limited

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The sale would be worth around Rs 4,400 crore.

New Delhi:

The government on Wednesday proposed to sell up to three per cent stake in Coal India Ltd through the offer for sale route from June 1. The Offer for Sale (OFS) will be open for retail and non-retail investors on June 1 and 2.

The proposal is to offload 9.24 crore shares amounting to a stake of 1.5 per cent in the coal producer. Besides, there will be a green shoe option for selling an equal amount of stake in case of over subscription, according to a regulatory filing.

At the closing price of Rs 241.20 apiece on BSE on Wednesday, the sale of 3 per cent stake in Coal India would be worth around Rs 4,400 crore.

“The seller proposes to sell up to 9,24,40,924 equity shares of face value of Rs 10 each of the company (representing 1.50 per cent of the total paid-up equity share capital of the company) (base offer size), on June 1st and 2nd for retail investors and non retail investors,” the filing said.

There will be an option to additionally sell 9,24,40,924 (1.50 per cent) equity shares of the company, it added.

(Except for the headline, this story has not been edited by String Reveals staff and is published from a syndicated feed.)