Coal India 10% stake sale fully covered

Investors bid for 662 million shares of Coal India versus the issue size of 631.6 million shares

The government's sale of a 10% stake in Coal India, the largest coal producer in the world, was fully covered by mid-afternoon on Friday, helped by strong demand from portfolio investors, data from stock exchanges showed.

The sale, in which demand from funds exceeded supply, boosts the outlook for the country's $10 billion divestment programme, as the government prepares to put more shares on the block.

Investors, retail as well as institutional, bid for 662 million shares of Coal India as of 3.25 pm India time, versus the issue size of 631.6 million shares, Bombay Stock Exchange data showed.

Bidding for the shares ended at 3.30 pm.