On Thursday (June 1), an offer for sale (OFS) will be made on both the BSE and the NSE for the purpose of the Indian government selling its interest in Coal India Limited (CIL), which is India’s biggest coal miner.
It is anticipated that the size of the OFS would be close to 4,000 billion rupees.
A reduction of approximately 7 percent has been applied to the base price, which has been set at Rs 225 per share. This is in comparison to the closing price on Wednesday, which was Rs 241.2.
In addition, a conference to settle on further particulars of the Coal India OFS is now taking place at DIPAM.
According to a previous report that was published by Bloomberg in November 2022, the federal government intended to sell anywhere from a five percent to ten percent share in CIL, Hindustan Zinc, and Rashtriya Chemicals and Fertilisers (RCF) in order to stimulate growth in the stock market and increase income in the fourth quarter of the fiscal year.
The initial public offering (IPO) for Coal India was the largest one up till Paytm and LIC offered their shares. In 2010, Coal India sold 10 percent of the firm’s shares at a price of Rs 245 each, which resulted in the business gaining around Rs 15,200 crores in revenue.
The public now has a share in the PSU equal to 33.17 percent, while the Central government currently owns 66.13 percent of the company.
During trading today, shares of Coal India finished down by 1.29 percent, at a price of Rs 241.20 per. The price of the stock has increased by 23% over the last year, while it has increased by 7% when compared to the same point in the prior year.