Centre To Sell Up To 3% Stake In Coal India, Floor Price Fixed At Rs 225 Per share

New Delhi/Kolkata:

The federal government will offload as much as 3 per cent stake in Coal India Ltd by means of the provide on the market route beginning on Thursday and the disinvestment will fetch at the very least Rs 4,158 crore for the exchequer.

This would be the first stake sale in a public sector enterprise by the federal government within the present monetary yr.

The ground worth has been fastened at Rs 225 per share for the two-day Provide for Sale (OFS).

“Provide on the market in CIL opens tomorrow for non-retail buyers. Retail buyers can bid on Friday. Authorities will divest 3% fairness together with a Inexperienced Shoe possibility of 1.5 per cent,” Division of Funding and Public Asset Administration Secretary Tuhin Kanta Pandey mentioned in a tweet on Wednesday.

In a inventory trade submitting, the PSU behemoth mentioned authorities will offload 9.24 crore shares amounting to a stake of 1.5 per cent within the firm at a ground worth of Rs 225 a share. In addition to, there will likely be a inexperienced shoe possibility for promoting an equal quantity of stake in case of over subscription.

On the ground worth of Rs 225, which is at a 6.7 per cent low cost over the closing worth of Coal India on BSE on Wednesday, the sale would fetch about Rs 4,158 crore.

Shares of CIL closed at Rs 241.20, down 1.29 per cent over earlier shut on the BSE.

At present, the federal government holds 66.13 per cent stake in Coal India.

For the present fiscal, the federal government has set a disinvestment goal of Rs 51,000 crore.

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