Sale of Coal India Shares through OFS from Today
The government of India is set to sell more of its stake in Coal India, with shares being sold from today until tomorrow, June 2, 2023. The government is selling these shares at slightly less than the market rate, with a chance for both retail and non-retail investors to buy. However, after this news, the share rates of Coal India have dropped.
Details of the Sale
– The government is going to sell up to 3% stake in Coal India, or 9.24 crore shares (1.5% stake) with an option to sell an equal number of shares if additional bids are received.
– The sale will be made through an offer for sale (OFS) of shares.
– Coal India shares will be sold until June 2, 2023, for both retail and non-retail investors.
– The floor price for the OFS is set at Rs 225 per share, which is about 2% lower than today’s market price.
Impact on Coal India
The news of the share sale has caused Coal India’s stock to drop to around Rs 231 this morning, with a fall of about Rs 10, or 4% in percentage. The sale of 3% stake in Coal India is expected to fetch around Rs 4000 crore.
Conclusion
The government’s decision to sell more of its stake in Coal India has caused a drop in the company’s share prices. However, the sale presents an opportunity for investors to buy shares at a slightly lower rate than the market price.
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