In the biggest ever share sale, government will offer Coal India shares
at a floor price of Rs 358 a piece on Friday Jan 30,2015 for divestment of up to 10
%stake in the state-run behemoth for an estimated Rs 22,600
crore, even as trade unions warned of strike against the move.
The floor price was fixed on Thursday at a discount of about 5 percent from the current market price of Coal India (CIL), where the government presently holds nearly 90 %stake.
In the one-day stake sale, to be conducted today during market hours from 9 am to 3.30 pm, the government will sell 31.58 crore shares or 5 % stake with an option to sell a further 5 % stake depending on the demand.
At the floor price, the total 10 % stake can fetch the government Rs 22,600 crore, although retail investors would get a five percent price discount and 20% shares worth over Rs 4,000 crore would be reserved for them.
The floor price was fixed on Thursday at a discount of about 5 percent from the current market price of Coal India (CIL), where the government presently holds nearly 90 %stake.
In the one-day stake sale, to be conducted today during market hours from 9 am to 3.30 pm, the government will sell 31.58 crore shares or 5 % stake with an option to sell a further 5 % stake depending on the demand.
At the floor price, the total 10 % stake can fetch the government Rs 22,600 crore, although retail investors would get a five percent price discount and 20% shares worth over Rs 4,000 crore would be reserved for them.
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