New Delhi: The government has mopped up Rs 4,185 crore through a three percent stake sale in state-run Coal India. The holding of the government has come down to 63.13 percent in the coal producer after the offer-for-sale (OFS), CIL said in a stock exchange filing.
The government has received Rs 4,185 crore through a 3 percent stake sale in state-run Coal India, as per the Department of Investment and Public Asset Management (DIPAM) website. The government last week sold three percent stake in CIL and the issue was oversubscribed by both retail and institutional investors.
Retail investors showed a strong response to the disinvestment of Coal India, as the number of applications received exceeded the shares reserved for them. Non-retail investors also displayed a great interest in the process. According to Tuhin Kanta Pandey, Secretary of the Department of Investment and Public Asset Management (DIPAM), the second day of the Coal India offer for sale (OFS) saw 1.4 times subscription from retail investors. Non-retail investors bid 3.46 times the base size, equivalent to over 9.24 crore shares. To meet the demand, the government has decided to exercise the green-shoe option and sell an additional 9.24 crore shares, increasing the total offer size to 18.49 crore shares.
So far in the current fiscal, the government has mopped up Rs 4,235 crore from PSU stake sale. The full-year target from disinvestment has been pegged at Rs 51,000 crore.
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