The government will Wednesday sell 3 per cent stake in Coal India for Rs 266 a share through OFS route, which may fetch the exchequer Rs 5,000 crore, according to sources. The government will offer an additional 6 per cent stake in case of over-subscription, sources said.
The two-day offer for sale (OFS) will open tomorrow for institutional bidders. Retail investors, who can bid for the OFS on Thursday, will get an additional 5 per cent discount.
If the entire 9 per cent stake in Coal India Ltd (CIL) could be sold off, then it could fetch the government about Rs 15,000 crore.
The floor price of Rs 266 a share is at a discount of nearly 4 per cent or Rs 11 a share over the closing price of CIL scrip on the NSE. Read more
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