Retail investors too give thumbs up to Coal India OFS

Our Bureau New Delhi | Updated on November 01, 2018 Published on November 01, 2018

The Centre’s offer-for-sale for Coal India met with success, with the total fund mop-up at ₹5,300 crore, higher than the expected amount of about ₹5,000 crore, thanks to strong response from retail investors.

According to data available with the NSE, retail investors bid for 6.19 crore shares, against their allocated portion of 3.96 crore shares, on Thursday.

Non-retail investors, whose bids were opened on Wednesday, also subscribed their portion by 1.06 times. Against 14.66 crore shares on offer, they had bid for 15.5 crore shares. The floor price for the offer-for-sale — which opened on Wednesday — was ₹266 a share of ₹10 each.

In all, the Centre will shed 3.18 per cent of its equity in CIL which will earn the exchequer nearly ₹5,300 crore. The OFS has helped CIL achieve the minimum public shareholding norm stipulated by the capital market regulator SEBI.

Shares of Coal India closed at ₹261.35 apiece on Thursday.

Published on November 01, 2018
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