 "Coal India dips on government stake sale plan")
Coal India has dipped 4% to Rs 369 on National Stock Exchange (NSE) in early morning trade, after the government on Wednesday decided to sell up to 10% stake in the company through offer for sale (OFS) on Friday. The government is expected to mop up around Rs 24,000 crore as a result.
"The share sale shall...commence on January 30 and shall close on the same date at 3.30 pm," Coal India said a stock exchange filing. 20% will be reserved for retail investors.
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.
The stock opened at Rs 365 and touched a low of Rs 364 on NSE. A combined 803,299 shares changed hands on the counter till 0925 hours on NSE and BSE.
"The share sale shall...commence on January 30 and shall close on the same date at 3.30 pm," Coal India said a stock exchange filing. 20% will be reserved for retail investors.
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.
The stock opened at Rs 365 and touched a low of Rs 364 on NSE. A combined 803,299 shares changed hands on the counter till 0925 hours on NSE and BSE.