Coal India stake sale tomorrow : The Tribune India

Join Whatsapp Channel

Coal India stake sale tomorrow

NEW DELHI: Giving impetus to the divestment drive, the government will sell up to 10% stake in Coal India Ltd (CIL) through offer for sale on Friday and is expected to mop up around Rs 24,000 crore at current market price.



Tribune News Service

 

New Delhi, January 28

Giving impetus to the divestment drive, the government will sell up to 10% stake in Coal India Ltd (CIL) through offer for sale on Friday and is expected to mop up around Rs 24,000 crore at current market price.

CIL said in a filing to stock exchanges that the share sale will commence on January 30. The offer will have 20% reservation for retail investors.

The floor price for the stake sale would be announced tomorrow after the close of market hours. Shares of CIL closed at Rs 384.05, up 0.27% over previous close on the BSE.

As per a circular by the stock exchanges, government will sell 5% stake or over 31.58 crore shares through an offer for sale (OFS) with an option to sell an additional 5% stake.

At the current market price, the sale of up to 10% stake or over 63.17 crore CIL shares would fetch over Rs 24,000 crore to the exchequer.

Coal India would be second company to hit the markets under the government’s disinvestment programme. In December, government sold 5% stake in SAIL to garner over Rs 1,700 crore. For the current fiscal, the government has budgeted to raise Rs 43,425 crore through disinvestment in PSUs.

Petroleum Minister Dharmendra Pradhan said today the government will sell stake in ONGC this fiscal even though falling global oil prices pose a challenge. While slumping oil prices make the prospects of stake sale in ONGC grimmer, the Government has lined up four other PSUs — Indian Oil Corporation, BHEL, Nalco, and Dredging Corporation (DCIL) for disinvestment this fiscal.

Top News

Chief Judicial Magistrate's court in UP's Banda orders judicial inquiry into death of gangster-politician Mukhtar Ansari

UP court orders judicial probe into gangster-politician Mukhtar Ansari’s death

Ghazipur MP Afzal Ansari on Tuesday alleged that his brother...

‘Heart attack or poisoning’: The life and times of Mukhtar Ansari—crime and politics

‘Heart attack or poisoning’: The life and times of Mukhtar Ansari—crime and politics

Eastern parts of Uttar Pradesh are among the poorest regions...

Alka Rai, widow BJP MLA killed by Mukhtar Ansari, says 'justice has been served', visits Ram Mandir

Alka Rai, widow BJP MLA killed by Mukhtar Ansari, says 'justice has been served', visits Ram Mandir

Alka Rai is the wife of MLA Krishanand Rai, who was shot dea...

Cash-strapped Congress gets fresh IT notice of Rs 1,700 crore, say party insiders

Cash-strapped Congress gets fresh I-T notice of Rs 1,800 crore

Ajay Maken addresses a press conference

CBI files chargesheet against 20 institutes, 105 individuals in Himachal Pradesh multi-crore scholarship scam

CBI files chargesheet against 20 institutes, 105 individuals in Himachal Pradesh multi-crore scholarship scam

22 educational institutions were on CBI radar in the scholar...


Cities

View All