Coal India dips on government stake sale plan
After the Government on Wednesday decided to sell up to 10% stake in the company through offer for sale (OFS) on Friday, Coal India has dipped 4% to Rs. 369 on National Stock Exchange (NSE). The government is expected to mop up around Rs 24,000 crore as a result.
As per told by Coal India to a stock exchange filing, “The share sale shall…commence on January 30 and shall close on the same date at 3.30 pm”.
The floor price for the stake sale would be announced later today after the close of market hours. As per a circular by the stock exchanges, government will sell 5% stake or over 315.81 million shares through an offer for sale (OFS) with an option to sell an additional 5% stake.
Small investors left out of divestment via offer for sale (OFS).
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