The government’s 3 per cent stake sale in Coal India got over-subscribed on Thursday, which will fetch at least ₹5,000 crore to the exchequer.

Bidding opened for retail buyers on Thursday-- which was the second day of the two-day OFS-- during which small investors put in bids for over 4.23 crore shares or 1.07 times the shares reserved for them, as per data available with NSE.

As much as 3.96 crore shares were reserved for retail investors. Bidding will continue till 3:30 pm.

Institutional investors had on Wednesday put in ₹4,300 crore worth bids and over-subscribed the shares reserved for them. Of the 14.89 crore share on offer, institutional investors put in bids for 15.84 crore shares or 1.06 times the shares reserved for them.

The government is selling over 18.62 crore shares or 3 per cent in Coal India Ltd (CIL) at a floor price of ₹266 apiece. This will fetch the government ₹5,000 crore.

On top of the 3 per cent stake sale, the government also has an option to retain an over-subscription of another 6 per cent stake in the CIL OFS.

If the additional 6 per cent stake or 37.24 crore shares are put on the block, then the government could further get about ₹10,000 crore. Taken together, the 9 per cent stake sale in CIL could fetch about ₹15,000 crore to the government.

The data on how much Green Shoe option (additional bids) in CIL OFS will be exercised by the government will be available later in the day.

Shares of Coal India were trading at ₹263.30, down 1.07 per cent from previous close on the BSE.

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