Comments
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.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.