Government of India will sell up to a 2% stake in Coal India Limited (CIL) through an offer for sale (OFS) over May 27 and May 29, the state miner said on Tuesday in a filing to the exchanges. The floor price for the offer has been set at Rs 412 per equity share, a 10% discount from today's closing price of Rs 455.90 on the NSE.
The government, which operates under the aegis of the Ministry of Coal, has proposed 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.
