Coal India falls on government stake sale plan report
The government is considering to offload up to 10% stake in Coal India through the OFS route in the next financial year.
Coal India has dipped almost 5% to Rs 305 on the Bombay Stock Exchange (BSE) on reports that the government is planning to sell up to 10% of its holding in the world’s largest coal producer through the offer-for-sale (OFS) route.
“The government is considering to offload up to 10% stake in Coal India through the OFS route in the next financial year,” the PTI report suggests.
Coal India will be the biggest disinvestment for the government in the 2013-14 fiscal. The government plans to raise Rs 40,000 crore by way of the public sector undertakings (PSU) stake sale next fiscal, added report. The government's stake in Coal India, which currently has a market value of Rs 2.02 lakh crore, will fall from 90% to 80% after the mega-sale.
Coal India got listed on the bourses in 2010 through an initial public offering (IPO), through which the government raised Rs 15,199 crore by selling 10% stake. The IPO was subscribed 15.3 times.
The stock opened at Rs 309 and has seen a combined around 421,000 shares changing hands on the counter in early morning deals on BSE and NSE.
“The government is considering to offload up to 10% stake in Coal India through the OFS route in the next financial year,” the PTI report suggests.
Coal India will be the biggest disinvestment for the government in the 2013-14 fiscal. The government plans to raise Rs 40,000 crore by way of the public sector undertakings (PSU) stake sale next fiscal, added report. The government's stake in Coal India, which currently has a market value of Rs 2.02 lakh crore, will fall from 90% to 80% after the mega-sale.
Coal India got listed on the bourses in 2010 through an initial public offering (IPO), through which the government raised Rs 15,199 crore by selling 10% stake. The IPO was subscribed 15.3 times.
The stock opened at Rs 309 and has seen a combined around 421,000 shares changing hands on the counter in early morning deals on BSE and NSE.