Govt Coal India (coal india) is going to sell 92.44 lakh shares, which is equivalent to 0.15 per cent equity stake. These shares will be sold under Offer for Sale (OFS) to the eligible employees of the company. The government will sell these shares at a price of Rs 226.10 per share. Veteran state-owned Coal India said on June 19 that this is the company’s second move on stake sale this month. Earlier this month, the government raised Rs 4,185 crore by selling 3 per cent stake in Coal India through OFS.
what the company said
The seller is offering 92,44,092 equity shares at a face value of Rs 10 each, which is equivalent to 0.15 per cent of the total paid-up equity share capital of the company, to the eligible employees of the company, the company said in a filing. These shares will be sold at a price of Rs 226.10 per equity share.
Details related to OFS
This offer for sale for employees will be open from June 21 (10:00 AM) to June 23 (5:30 PM). During this time, eligible employees will be able to buy shares at a price of Rs 226.10. Let us tell you that on Monday, the shares of the company fell by 0.46 per cent and closed at Rs 227.50.
Government has recently sold 3 percent stake
The government has recently sold 3 per cent stake in Coal India through OFS. 4185 crore rupees have been collected through this. After the OFS, the government’s stake in the company has come down to 63.13 per cent. The issue was oversubscribed by both retail and institutional investors.
How were the results in the March quarter
Coal India reported a consolidated net profit of Rs 5527.62 crore in the March quarter of FY23, down 17.7 per cent from a year ago. Consolidated revenue for the quarter grew 17.3 per cent year-on-year to Rs 35,161.44 crore. Coal India is the largest supplier of thermal coal to the power sectors, under which 75-80 per cent of the fuel requirement is met by the company. Due to increase in demand of power for rural electrification, the demand for coal is witnessing a boom.