The centre on Friday announced an offer for sale of 99 lakh shares of Coal India which has been reserved for its employees only at Rs 252.7 per share. It is expected to fetch the government Rs 250 crore.
The current offer for employees is part of a divestment tranche which concluded last week in which the centre divested 3.19% of its stake at a final price of Rs 266 per share to financial institutions and retail investors.
The current offer for employees involves divesting an additional 5% of the 3.18% that was divested last week. It would be offered to employees at a discount of 5% on the final price arrived at the offer for sale concluded last week.
The centre is likely to raise Rs 5,267 crore through sale of 19.8 crore equity shares of the company from the recently concluded offer for sale. After last week’s sale, government will continue to hold a majority stake of 75.13% in the company. Read more