{"id":97280,"date":"2018-10-31T19:30:46","date_gmt":"2018-10-31T19:30:46","guid":{"rendered":"http:\/\/www.bnreport.com\/institutional-buyers-offer-bids-worth-rs-4300-crore-for-coal-india-shares\/"},"modified":"2018-10-31T19:30:46","modified_gmt":"2018-10-31T19:30:46","slug":"institutional-buyers-offer-bids-worth-rs-4300-crore-for-coal-india-shares","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/institutional-buyers-offer-bids-worth-rs-4300-crore-for-coal-india-shares\/","title":{"rendered":"Institutional buyers offer bids worth Rs 4,300 crore for Coal India shares"},"content":{"rendered":"

In the first big ticket disinvestment<\/a> of the current fiscal \u2014 Coal India<\/a> share sale kicked off for a smooth sail Wednesday as institutional investors put in bids worth Rs 4,300 crore and over-subscribed the shares reserved for them. <\/p>\n

Of the 14.89 crore share on offer, institutional investors put in bids for 15.84 crore shares or 1.06 times the shares reserved for institutional buyers, as per data available with NSE. <\/p>\n

Officials said the domestic mutual funds and insurance companies invested heavily in the offer for sale (OFS<\/a>) on Wednesday, which was the first day of the two day share sale. <\/p>\n

"Bids worth Rs 4,300 crore has been put by institutional buyers," officials said. <\/p>\n

The share sale will on Thursday open for retail investors, who would be offered a 5 per cent discount. These investors can bid for shares worth up to Rs 2 lakh. <\/p>\n

The government is selling over 18.62 crore shares or 3 per cent in Coal India Ltd (CIL) at a floor price of Rs 266 apiece. If fully subscribed, it will fetch the government Rs 5,000 crore. <\/p>\n

"A Rs 5,000 crore successful OFS in this volatile and subdued market will help in uplifting investor sentiment in broader market," officials said. <\/p>\n

Coal India scrip slipped to a low of Rs 263.80 apiece during intra-day trade. The scrip closed down 3.73 per cent over previous close on the BSE at Rs 265.60 \u2014 below the floor price of the OFS. <\/p>\n

The BSE benchmark Sensex ended 550.92 points up at 34,442. <\/p>\n

On top of the 3 per cent stake sale, the government also has an option to retain an over-subscription of another 6 per cent stake in the CIL OFS. <\/p>\n

If the additional 6 per cent stake or 37.24 crore shares are put on the block, then the government could get a further about Rs 10,000 crore. Taken together, the 9 per cent stake sale in CIL could fetch around Rs 15,000 crore to the government. <\/p>\n

The floor price of Rs 266 a share was at a discount of nearly 4 per cent or Rs 11 a share over Tuesday's closing price of CIL scrip on the NSE. <\/p>\n

The government had last sold 10 per cent stake in CIL through an OFS in January 2015. It had then mopped up about Rs 23,000 crore. <\/p>\n

The government currently holds 78.32 per cent stake in Coal India. <\/p>\n

It has already raised over Rs 10,028 crore through PSU stake sale, including by way of follow on offer of Bharat-22 ETF, and initial public offering<\/a> of four PSUs \u2014 RITES, IRCON, Mishra Dhatu Nigam Ltd (MIDHANI) and Garden Reach Shipbuilders. <\/p>\n

The stake sale in Coal India will help the government move forward towards the Rs 80,000 crore disinvestment target in current fiscal. <\/p>\n

<\/a><\/strong> <\/a><\/p>\n

Original Article<\/a><\/p>\n

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ET Markets<\/a><\/h5>\n

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In the first big ticket disinvestment of the current fiscal ..<\/p>\n","protected":false},"author":1,"featured_media":97281,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[202],"tags":[],"class_list":["post-97280","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"\nInstitutional buyers offer bids worth Rs 4,300 crore for Coal India shares - Business News Report<\/title>\n<meta name=\"description\" content=\"In the first big ticket disinvestment of the current fiscal ..\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bnreport.com\/en\/institutional-buyers-offer-bids-worth-rs-4300-crore-for-coal-india-shares\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Institutional buyers offer bids worth Rs 4,300 crore for Coal India shares - 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