Coal India Ltd has, on Monday, announced an employee offer for sale (OFS) of more than 92 lakh equity shares, representing 0.15 per cent of the company’s total paid-up equity. The OFS will remain open from June 21 to June 23 for approximately ₹209 crore.
“…. the Seller is proposing to offer up to 92,44,092 equity shares of face value of ₹10 each to the eligible employees of the company at a price of ₹226.10 per equity share,” the company said in a notification to the stock exchanges on Monday.
CIL had, in May this year, announced that the government proposed to sell upto three per cent stake in the company through an OFS. The government’s OFS in CIL garnered strong response from both institutional and retail investors.
During the two-day OFS on June 1 and 2, the government sold selling I8.48 crore equity shares representing three per cent stake in Coal India and mopped up close to ₹4,185 crore.
The government currently holds 66.13 per cent in CIL, the world’s largest coal miner. The stake sale in the company would help the government inch towards the ₹51,000-crore disinvestment target set for the current fiscal.
For the fourth quarter ended March 31, 2023, CIL registered nearly 18 per cent drop in consolidated net profit at ₹5,528 crore on the back of higher expenses due to wage hikes. The company’s revenue from operations, however, grew by 17 per cent at ₹38,152 crore during Q4FY23.
The company’s scrip closed at Rs 227.30, down by 0.48 per cent on the BSE on Monday.