Centre to sell up to 3% stake in Coal India, offer to open on June 1
text_fields
New Delhi: The Centre on Wednesday proposed to sell up to 3% of the stake in Coal India Ltd and the Offer for Sale (OFS) will be open for retail and non-retail investors on June 1 and 2.
"The seller proposes to sell up to 9,24,40,924 equity shares of the face value of ₹ 10 each of the company (representing 1.50% of the total paid-up equity share capital of the company) (base offer size), on June 1st and 2nd for retail investors and non-retail investors. There will be an option to additionally sell 9,24,40,924 (1.50%) equity shares of the company," said the regulatory filing.
The plan is to offload Rs 9.24 crore shares amounting to a stake of 1.5% in the coal producer. At the closing price of Rs 241.20 a piece on BSE today, the sale of 3% will be worth around Rs 4,440 crore.
There will also be a green shoe option for selling an equal amount of stake in case of over-subscription. It allows the underwriting syndicate to buy up to an additional 15% of the shares at the offering price if public demand for the shares exceeds expectations and the stock trades above its offering price.
