Coal India OFS: The offer for sale of Coal India, the country’s largest coal company, has received tremendous response from investors. According to the report published in Live Mint, till Friday i.e. till the last day of OFS, it has been oversubscribed by 417 per cent by non-retail and retail investors. Through this two-day offer for sale, the government is selling 3 percent i.e. 18.48 crore shares in its Coal India.
How much was the offer price fixed
Significantly, the Central Government had given information about bringing Coal India’s Offer for Sale (OFS) on Wednesday. The Ministry of Coal issued an official notification in this regard and said that the floor price in this OFS has been fixed at Rs 225 per share. Through this the government is raising Rs 4,100 crore. The government has brought Coal India’s offer for sale to meet the target of disinvestment. This OFS has received a good response from the subscribers.
Good response to investors
Institutional investors bid for 28.76 crore shares in Coal India’s OFS on Thursday. Apart from this, retail investors have bid for 2.58 crore shares on Friday and institutional investors have bid for 5.12 crore shares on Friday.
Government will help in meeting the disinvestment target
Through this offer for sale brought by the Government of India, a total of 9.25 crore shares i.e. 1.5 percent have been offered for bidding in two parts. After this disinvestment, the government will get Rs 4,100 crore. The Government of India holds 66.13 per cent stake in Coal India. And the remaining part is with the public share holder. It is worth noting that the government is planning to collect a total of Rs 51,000 crore through disinvestment.
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