Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
CO-PRESENTED BY
LIVE TV DownloadNews18 App
News18 English
»
1-min read

Govt's 3 % Share Sale in Coal India Over-subscribed; to Fetch Rs 5,000 Crore

Bidding opened for retail buyers on Thursday-- which was the second day of the two-day OFS-- during which small investors put in bids for over 4.23 crore shares or 1.07 times the shares reserved for them, as per data available with NSE.

PTI

Updated:November 1, 2018, 3:29 PM IST
facebookTwittergoogleskypewhatsapp
Govt's 3 % Share Sale in Coal India Over-subscribed; to Fetch Rs 5,000 Crore
Representative Image. (Image: REUTERS)
Loading...
New Delhi: The government's 3 per cent stake sale in Coal India got over-subscribed Thursday, which will fetch at least Rs 5,000 crore to the exchequer.

Bidding opened for retail buyers on Thursday-- which was the second day of the two-day OFS-- during which small investors put in bids for over 4.23 crore shares or 1.07 times the shares reserved for them, as per data available with NSE.

As much as 3.96 crore shares were reserved for retail investors. Bidding will continue till 3:30 pm.

Institutional investors had Wednesday put in Rs 4,300 crore worth bids and over-subscribed the shares reserved for them. Of the 14.89 crore share on offer, institutional investors put in bids for 15.84 crore shares or 1.06 times the shares reserved for them.

The government is selling over 18.62 crore shares or 3 per cent in Coal India Ltd (CIL) at a floor price of Rs 266 apiece. This will fetch the government Rs 5,000 crore.

On top of the 3 per cent stake sale, the government also has an option to retain an over-subscription of another 6 per cent stake in the CIL OFS.

If the additional 6 per cent stake or 37.24 crore shares are put on the block, then the government could further get about Rs 10,000 crore. Taken together, the 9 per cent stake sale in CIL could fetch about Rs 15,000 crore to the government.

The data on how much Green Shoe option (additional bids) in CIL OFS will be exercised by the government will be available later in the day.

Shares of Coal India were trading at Rs 263.30, down 1.07 per cent over previous close on the BSE.

Coal India (CIL) offer for sale (OFS) is the first big ticket disinvestment of the current fiscal.

The government currently holds 78.32 per cent stake in Coal India.

The government has already raised over Rs 10,028 crore through PSU stake sale, including by way of follow on offer of Bharat-22 ETF, and initial public offering of four PSUs -- RITES, IRCON, Mishra Dhatu Nigam Ltd (MIDHANI) and Garden Reach Shipbuilders.

The stake sale in Coal India would help the government move forward towards the Rs 80,000 crore disinvestment target in current fiscal.

The government had last sold 10 per cent stake in CIL through an OFS in January 2015. It had then mopped up about Rs 23,000 crore.
Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwittergoogleskypewhatsapp
 
 
Most Active
Company Price Change %Gain
SBI 344.70 7.97
Reliance 1,325.90 4.62
Indiabulls Hsg 814.55 12.63
ICICI Bank 407.70 4.62
HDFC 2,122.50 6.46
Company Price Change %Gain
Reliance 1,325.50 4.72
Axis Bank 782.75 4.62
Indiabulls Hsg 811.05 12.47
SBI 344.60 8.04
Yes Bank 143.60 6.73
Top Gainers
Company Price Change %Gain
Indiabulls Hsg 814.55 12.63
Adani Ports 400.10 8.99
IndusInd Bank 1,494.65 8.82
SBI 344.70 7.97
Tata Motors 190.15 7.52
Company Price Change %Gain
IndusInd Bank 1,492.60 8.64
SBI 344.60 8.04
Tata Motors 190.00 7.53
Yes Bank 143.60 6.73
Larsen 1,451.05 6.55
Top Losers
Company Price Change %Gain
Dr Reddys Labs 2,589.40 -5.67
Zee Entertain 362.50 -2.59
Bajaj Auto 3,006.30 -1.11
Tech Mahindra 779.35 -0.70
Infosys 722.40 -0.21
Company Price Change %Gain
Bajaj Auto 3,005.85 -1.18
Infosys 722.40 -0.19

Live TV

Loading...
Countdown To Elections Results
  • 01 d
  • 12 h
  • 38 m
  • 09 s
To Assembly Elections 2018 Results