The sale can be value round Rs 4,400 crore.
New Delhi:
The federal government on Wednesday proposed to promote as much as three per cent stake in Coal India Ltd by way of the provide on the market route from June 1. The Provide for Sale (OFS) will likely be open for retail and non-retail buyers on June 1 and a pair of.
The proposal is to dump 9.24 crore shares amounting to a stake of 1.5 per cent within the coal producer. In addition to, there will likely be a inexperienced shoe possibility for promoting an equal quantity of stake in case of over subscription, in response to a regulatory submitting.
On the closing value of Rs 241.20 apiece on BSE on Wednesday, the sale of three per cent stake in Coal India can be value round Rs 4,400 crore.
“The vendor proposes to promote as much as 9,24,40,924 fairness shares of face worth of Rs 10 every of the corporate (representing 1.50 per cent of the full paid-up fairness share capital of the corporate) (base provide measurement), on June 1st and 2nd for retail buyers and non retail buyers,” the submitting mentioned.
There will likely be an choice to moreover promote 9,24,40,924 (1.50 per cent) fairness shares of the corporate, it added.
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