Centre to Sell 3% Stake in Coal India Ltd, Aims to Raise ₹4,158 Crore

1 Jun 2023 , 02:35 PM

The Indian government intends to sell up to a 3% stake in Coal India Ltd (CIL) via the offer for sale (OFS) route, aiming to raise a minimum of ₹4,158 crore in disinvestment funds.

This will mark the first stake sale in a public sector undertaking by the government in the current financial year.

According to a filing made by the PSU behemoth with the stock exchange, the government will sell 9.24 crore shares, representing a stake of 1.5% in Coal India, at a floor price of ₹225 per share. Furthermore, in the event of oversubscription, there will be a green shoe option to sell an equal stake.

• In the ongoing financial year, the government has established a disinvestment goal of ₹51,000 crore. This stake sale in Coal India will contribute to achieving that target.
• Currently, the government holds a 66.13% stake in Coal India, and this divestment is part of its ongoing efforts to reduce its shareholding in public sector enterprises.

For feedback and suggestions, write to us at [e-mail]