Coal India said the government will exercise the oversubscription option in the offer-for-sale amid strong investor interest in the issue. The government will now sell up to 12.32 crore shares, representing 2% of Coal India's total paid-up equity share capital, according to an exchange filing.
Institutional investors on Wednesday lapped up Coal India shares, putting in bids worth about Rs 19,000 crore on the first day of the issue. Non-retail or institutional investors subscribed to more than 45.15 crore shares or over 8 times the shares reserved for them at an indicative price of Rs 436.69 per share, much higher than the set floor price.
