The government's offer for sale in Coal India Ltd. for non-retail investors was fully subscribed, according to BSE data. The issue received bids for 6.64 crore shares against an offer size of 5.54 crore shares, translating into a subscription of 119.88%.
The OFS opened for non-retail investors on May 27, while the retail portion will open on May 29. The floor price was fixed at Rs 412 per share against the last traded price of Rs 444.85 on the BSE. The indicative price stood at Rs 417.48 per share.
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The government launched the OFS with a base size of Rs 2,500 crore and a green shoe option of another Rs 2,500 crore, taking the total issue size to Rs 5,000 crore.
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Disinvestment Push
The share sale forms part of the government's disinvestment programme and adds to a series of stake sales in Coal India over the past 16 years. With the latest OFS, the government's total proceeds from stake sales in the company, including the IPO, are expected to rise to around Rs 52,000 crore.
The government had raised close to Rs 47,000 crore through earlier stake sales in Coal India since the company's IPO in 2010.
Past Stake Sales
Coal India launched its IPO in 2010 at Rs 245 per share. Since then, the government has undertaken multiple stake sales in the miner.
In January 2015, the government sold a 10% stake and raised Rs 22,000 crore at Rs 358 per share. In October and November 2018, it sold a 3% stake for Rs 5,300 crore at Rs 266 per share. Another 3% stake sale in May and June 2023 raised Rs 4,185 crore at Rs 225 per share. In June 2023, the government sold a 0.15% stake for Rs 209 crore at Rs 226 per share.
The latest OFS involves the sale of a 2% stake at an indicative floor price of Rs 412 per share.
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