The government’s 3% stake sale in Coal India was over-subscribed on Thursday. It is likely to fetch at least Rs 5,000 crore to the exchequer.
Bidding opened for retail buyers on Thursday — the second day of the two-day offer for sale (OFS) — during which small investors put in bids for over 4.23 crore shares, or 1.07 times the shares reserved for them, according to data available with the NSE.
As much as 3.96 crore shares were reserved for retail investors. Institutional investors had on Wednesday put in Rs 4,300 crore worth of bids. Of the 14.89 crore share on offer, institutional investors put in bids for 15.84 crore shares or 1.06 times the shares reserved for them.
The government is selling over 18.62 crore shares, or 3%, in Coal India Ltd (CIL) at a floor price of Rs 266 apiece. This will fetch the government Rs 5,000 crore. Read More
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