Coal India’s OFS for employees opens on Wednesday
Indian Coal Company LimitedOffer for Sale (OFS) of over 92 lakh employee stock shares opens on Wednesday. On Monday, CIL announced an OFS employee representing 0.15 percent of the company’s total paid equity. OFS will remain open from 21st June to 23rd June, with an approximate amount of Rs 209 crore.
The company’s stock opened up about 0.42 percent at INR 228.25 on Wednesday.
“…. The seller proposes to offer up to 92,44,092 shares (representing 0.15 per cent of the total paid-up share capital of the company) of par value of Rs 10 to each eligible employee of the company at a price of ₹ 10 each. The company said in a notification to the stock exchanges on Monday “226.10 per share of stock”.
State-run Coal India announced, in May this year, that the government had proposed to sell up to three percent stake in the company through OFS. CIL’s government OFS office has garnered a strong response from both institutional and retail investors.
During two days of OFS on 1st and 2nd June, the Government sold I8.48 crores of shares representing three per cent stake in Coal India and acquired approximately Rs.4,185 crores.
The government currently owns 66.13 percent in CIL, the largest coal mine in the world. Selling the stake in the company would help the government achieve the divestment target of Rs. 51,000 crore set for the current financial year.