The government has decided to divest a 9 per cent stake in Coal India through a two-day offer for sale starting Wednesday, which is expected to fetch the Centre about Rs 14,000 crore at the floor price, including a greenshoe option.
The offer consists of 186.2 million shares equivalent to 3 per cent of the stateowned company’s equity at a floor price of Rs 266 a share, which is at a 3.6 per cent discount to Tuesday’s closing price. The government has the option to sell an additional 372.4 million shares or 6 per cent of the equity, Coal India said in a stock exchange filing on Tuesday.
Coal India shares declined 3.9 per cent to Rs 275.90 at the close on the BSE on Tuesday. The stock had risen from Rs 263.05 on October 5. Read More