The sale can be price round Rs 4,400 crore.
New Delhi:
The federal government on Wednesday proposed to promote as much as three per cent stake in Coal India Ltd via the supply on the market route from June 1. The Provide for Sale (OFS) will probably be open for retail and non-retail buyers on June 1 and a couple of.
The proposal is to dump 9.24 crore shares amounting to a stake of 1.5 per cent within the coal producer. In addition to, there will probably be a inexperienced shoe choice for promoting an equal quantity of stake in case of over subscription, in accordance with a regulatory submitting.
On the closing worth of Rs 241.20 apiece on BSE on Wednesday, the sale of three per cent stake in Coal India can be price round Rs 4,400 crore.
“The vendor proposes to promote as much as 9,24,40,924 fairness shares of face worth of Rs 10 every of the corporate (representing 1.50 per cent of the entire paid-up fairness share capital of the corporate) (base supply dimension), on June 1st and 2nd for retail buyers and non retail buyers,” the submitting mentioned.
There will probably be an choice to moreover promote 9,24,40,924 (1.50 per cent) fairness shares of the corporate, it added.
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