Coal India OFS Receives Robust Support from Retail and Institutional Investors
India’s government has received strong support from both retail and institutional investors in the sale of Coal India shares. The government had offered 3% of its stake, or around 18.48 crore shares, in Coal India through the offer-for-sale (OFS) route. The shares were priced at a floor price of INR 225. The OFS was open for two days and was oversubscribed by almost twice the number of shares on offer. The government is expected to receive over INR 4,000 crore from this sale at the floor price of INR 225.
Retail investors bid for 2.58 crore shares of Coal India on Friday, while institutional investors bid for around 5.12 crore shares. Earlier, institutional investors had bid for 28.76 crore shares of Coal India on Thursday.
This is the first time in the current financial year that the government has sold its stake in a state-owned company through an OFS. The government currently holds a 66.13% stake in Coal India.
The sale of its stake in Coal India will help the government achieve its goal of raising INR 51,000 crore through disinvestment this financial year.
On Friday, Coal India shares closed at INR 230.90 on the BSE, up 0.15% from the previous day’s close. In the past month, the company’s shares have risen by 2.47%. Over the past year, the shares have increased by almost 17.21%.
Overall, the strong response from investors to the Coal India OFS indicates that there is a healthy appetite for quality investments in India’s stock market.
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