INSUBCONTINENT EXCLUSIVE:
Kolkata: The Centre on Friday announced an offer for sale of 99 lakh shares of Coal India reserved for its employees at Rs 252.7 per share
It is expected to fetch the government Rs 250 crore.
The current offer for employees is part of the divestment tranche which concluded last
week in which the Centre divested 3.19 per cent of its stake at a final price of Rs 266 per share to financial institutions and retail
investors.
The current offer for employees involves divesting an additional 5 per cent of the 3.18 per cent that was divested last week
It would be offered to employees at a discount of 5 per cent on the final price arrived at the offer for sale that concluded last week.
The
Centre is likely to raise Rs 5,267 crore through sale of 19.8 crore equity shares of the company from the recently concluded offer for sale
Investors were offered a discount of 5 per cent on the cut-off price
Institutional investors bid for Rs 4,214 crore against the base offer size of Rs 3,963 crore
The retail portion, which was 20 per cent of the total offer size, was subscribed 1.56 times.
