Coal India OFS for employees to open on June 21; Govt to sell 92 lakh shares at Rs 226.10 apiece

New Delhi: The government will sell up to 92.44 lakh shares or 0.15 per cent stake in Coal India to its employees at a price of Rs 226.10 a share.

"The employee OFS (Offer for Sale) shall remain open from June 21, 2023 to June 23, 2023," Coal India said in a stock exchange filing.

Under the share sale offer, 92,44,092 equity shares (representing 0.15 per cent of the total paid up equity share capital of the company) would be offered to eligible CIL employees at a price of Rs 226.10 per equity share.

The share sale would fetch around Rs 20,000 crore to the government.

Shares of Coal India settled at Rs 227.30 apiece, down 0.48 per cent over the previous close on the BSE.

The employee OFS follows the secondary market share sale in Coal India by the government earlier this month.

The government had mopped up Rs 4,185 crore through 3 per cent stake sale to institutional and retail investors in state-owned Coal India at a floor price of Rs 225 apiece.

The holding of the government has come down to 63.13 per cent in the coal producer after the OFS.

So far in current fiscal year, the government has mopped up Rs 4,235 crore from PSU stake sale. The full year target from disinvestment has been pegged at Rs 51,000 crore.