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NEW DELHI: Institutional buyers lapped up Coal India shares on this fiscal’s maiden authorities stake-sale, with Rs 6,500 crore bids pouring in on the primary day of the supply-for-sale. The authorities had provided over 8.31 crore shares to institutional buyers on Thursday underneath the supply-for-sale (OFS), however obtained bids for 28.76 crore shares or 3.46 instances.
At the indicative worth of Rs 226.12 a share, the bids of institutional patrons are worth Rs 6,500 crore.
“Offer for Sale in CIL received enthusiastic response from non-retail investors today. The issue was subscribed 3.46 times of the base size. The government has decided to exercise the green shoe option. Retail investors get to bid tomorrow,” Department of Investment and Public Asset Management Secretary Tuhin Kanta Pandey tweeted.
The authorities presently holds 66.13 per cent in CIL.
The stake sale in Coal India will assist the federal government inch in direction of the Rs 51,000-crore disinvestment goal set for the present fiscal.
In the 2-day OFS, the federal government is promoting over 18.48 crore shares or Three per cent within the PSU coal producer at a ground worth of Rs 225 a share. The sale features a green-shoe option of 1.5 per cent in case of over subscription.
Shares of Coal India settled for the day at Rs 230.55 apiece on the BSE, down 4.42 per cent from its earlier closing worth.
At the indicative worth of Rs 226.12 a share, the bids of institutional patrons are worth Rs 6,500 crore.
“Offer for Sale in CIL received enthusiastic response from non-retail investors today. The issue was subscribed 3.46 times of the base size. The government has decided to exercise the green shoe option. Retail investors get to bid tomorrow,” Department of Investment and Public Asset Management Secretary Tuhin Kanta Pandey tweeted.
The authorities presently holds 66.13 per cent in CIL.
The stake sale in Coal India will assist the federal government inch in direction of the Rs 51,000-crore disinvestment goal set for the present fiscal.
In the 2-day OFS, the federal government is promoting over 18.48 crore shares or Three per cent within the PSU coal producer at a ground worth of Rs 225 a share. The sale features a green-shoe option of 1.5 per cent in case of over subscription.
Shares of Coal India settled for the day at Rs 230.55 apiece on the BSE, down 4.42 per cent from its earlier closing worth.
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