Coal India declined 4.24% to Rs 367.75 at 9:33 IST on BSE after the government announced divestment of its 10% stake in the firm tomorrow, 30 January 2015.
The company made announcement after market hours yesterday, 28 January 2015.
Meanwhile, the S&P BSE Sensex was down 154.93 points or 0.52% at 29,404.25.
On BSE, so far 84,242 shares were traded in the counter as against average daily volume of 2.15 lakh shares in the past one quarter.
The stock hit a high of Rs 371 and a low of Rs 364.60 so far during the day. The stock had hit a record high of Rs 423.85 on 11 June 2014. The stock had hit a 52-week low of Rs 240.50 on 26 February 2014.
The stock had underperformed the market over the past one month till 28 January 2015, gaining 1.64% compared with Sensex's 8.51% rise. The scrip had also underperformed the market in past one quarter, gaining 7.76% as against Sensex's 9.96% rise.
The large-cap coal producer has equity capital of Rs 6316.36 crore. Face value per share is Rs 10.
The government has offered to sell 31.58 crore shares, or 5% equity, of face value of Rs 10 each with an option to sell an additional upto 31.58 crore equity shares, or 5% equity, of face value of Rs 10 each of Coal India, collectively aggregating to 10% of the total paid up equity share capital of Coal India through a sale on the separate window provided by the stock exchanges for this purpose. The sale shall commence tomorrow, 30 January 2015 at 9:15 IST and shall close on the same day at 15:30 IST. The floor price for the OFS will be announced after market hours today, 29 January 2015.
The government has reserved 20% of the size of the sale for retail investors. Retail investors will be offered a discount of 5% to the bid price entered by them in accordance with the Sebi OFS circulars. A minimum of 25% of the sale shares will be reserved for mutual funds and insurance companies.
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