Centre to sell 3% stake in Coal India on Wednesday

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State-run Coal India on Tuesday said the Center has proposed to offer 3 percent of its stake in the organization on Wednesday through an offer available to be purchased (OFS) at a story cost of Rs 266 an offer, which could get the exchequer about Rs 5,000 crore.

It said the Center will have an “over membership” alternative to offer extra 6 percent stake in the ‘Maharatna’ open segment endeavors on November 1 and in the event that it is offered, the administration could get around another Rs 10,000 crore.

The OFS of 3 percent stake, or 18.62 crore value shares, will be offered to non-retail financial specialists. Retail speculators, who might have the capacity to offer for extra 6 percent stake (or 37.24 crore value shares) deal, can get a rebate of 5 percent of cut-off cost.

Such non-retail speculators who have put their offers on Wednesday deal and have conveyed forward their un-assigned offers to November 1 deal, will be permitted to reconsider their offers. Taken together, the 9 percent stake deal in the Kolkata-headquartered organization could get about Rs 15,000 crore to the administration.

The Center presently holds 78.32 percent stake in Coal India while open holding is 21.68 percent. The OFS program will enable the digger to fit in with the base open holding standard of 25 percent.

Offers of Coal India on Tuesday shut at Rs 277.10 each, down 3.47 percent on the BSE.

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