Coal India Ltd’s offer for sale (OFS) of more than 92 lakh equity shares for employees opens on Wednesday. CIL had, on Monday, announced an employee OFS representing 0.15 per cent of the company’s total paid up equity. The OFS will remain open from June 21 to June 23, for an approximate amount of ₹209 crore.
The company’s scrip opened around 0.42 per cent higher at ₹228.25 on Wednesday.
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“…. the Seller is proposing to offer up to 92,44,092 equity shares (representing 0.15 per cent of the total paid-up equity share capital of the company) of face value of ₹10 each to the eligible employees of the company at a price of ₹226.10 per equity share,” the company said in a notification to the stock exchanges on Monday.
State-run Coal India had, in May this year, announced that the government proposed to sell up to three per cent stake in the company through an OFS. The government’s OFS in CIL garnered a strong response from both institutional and retail investors.
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During the two-day OFS on June 1 and 2, the government sold selling I8.48 crore equity shares representing three per cent stake in Coal India and mopped up close to ₹4,185 crore.
The government currently holds 66.13 per cent in CIL, the world’s largest coal miner. The stake sale in the company would help the government inch towards the ₹51,000-crore disinvestment target set for the current fiscal.
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