Coal India in accordance with the approval given by the Government of India through Alternative Mechanism is proposing to offer up to 92,44,092 shares to eligible employees by the President of India, the company announced through an exchange filing. The Employee OFS of face value of Rs 10 each will be available to the employees of the company at the price of Rs 226.10 per equity share.
The Employee OFS will remain open from June 21 to June 23.
The Coal India share sale was oversubscribed earlier this month by both retail and institutional investors and the government is expected to get more than Rs 4,000 crore. In the two-day offer for sale (OFS), the government sold its 18.48 crore shares or 3 per cent stake in Coal India at a floor price of Rs 225 apiece. At the floor price, the stake sale would fetch over Rs 4,000 crore to the exchequer.
Coal India shares
The shares of Coal India on Monday at 1:35 pm IST were at Rs 226.75, down by 0.79 per cent.