Coal India OFS opened at ₹412 floor price for non-retail investors, aiming to raise ₹5,000 crore from 2% stake.
Bids for 27.39 crore shares (5% of offer) came within an hour at ₹414.57, above the floor price.
Retail bidding on May 29; this is the second PSU OFS this fiscal after Central Bank of India raised ₹2,266 crore.
Coal India OFS Opens at ₹412 Floor Price as Government Seeks Up to ₹5,000 Crore from 2% Stake Sale
Non-retail bids for 5% of offer received within an hour at ₹414.57; retail bidding scheduled for May 29 after market holiday on May 28
Advertisement
The government's up to 2% stake sale in Coal India opened for non-retail investors on Wednesday at a floor price of ₹412 a share, which is expected to fetch around ₹5,000 crore to the exchequer.
Through the two-day offer for sale (OFS), the government is selling over 12.32 crore shares or up to 2% stake, including a green-shoe option of 1%.
Retail investors will bid in the OFS on May 29. May 28 is a market holiday.
As against over 5.54 crore shares reserved for non-retail investors on Wednesday, bids for about 5 per cent of the offered stake or over 27.39 crore shares were received within an hour of market opening at an indicative price of ₹414.57 per share, as per BSE data. The floor price of ₹412 per share is at a 10 per cent discount over Tuesday's closing price of ₹458.25 on the BSE.
The sale of up to 2% stake or about 12.32 crore shares at ₹412 apiece would fetch about ₹5,000 crore to the exchequer.
Advertisement
Shares of Coal India were trading at ₹447.70, down 2.30% over Tuesday's closing on BSE.
This will be the second OFS of a public sector company in the current fiscal year. Last week, the government sold 8.08% in Central Bank of India via OFS and raised ₹2,266 crore.
The FY27 Budget has estimated a mop-up of ₹80,000 crore through disinvestment and asset monetisation, more than double the ₹33,837 crore given in the Revised Estimates for FY26.