Shares of Coal India fell over 6% on Wednesday after the state-run miner said that the government will sell up to 2% stake in the company through an offer for sale at a floor price of Rs 412 per share, implying a 10% discount from the previous closing price of Rs 458.15 apiece on NSE.
Coal India announced on Tuesday that it aims to sell 6.16 crore equity shares, representing 1% of Coal India’s total paid-up equity capital, as the base offer size. The government also retains an oversubscription option to sell an additional 6.16 crore shares, taking the total potential offer size to 12.32 crore shares or 2% equity. At the floor price, this would be worth more than Rs 5,000 crore.
