Govt to sell 3% stake in Coal India for Rs 266 per share on Wednesday

Sebi norms stipulate that the govt may hold a maximum of 75% in any public sector undertaking and had set an earlier deadline for Coal India which expired in August this year

Even after Coal India sought an extension from Sebi to comply with certain norms, the Maharatna company has decided to proceed on the same and will be offering a maximum of nine per cent government's shares to institutional and non-institutional buyers.

On Wednesday, the coal ministry, on behalf of the President of India – the largest shareholder in Coal India - will offer three per cent stake to the institutional and non-retail shareholders while retail investors will be offered the remaining shares on Thursday. However, the company has kept the option open to sell an additional six per cent shares.