New Delhi: State-run Coal India Ltd (CIL) has said that it will offer 0.15 percent of the total paid-up equity share capital to its employees via OFS from June 21 to June 23 at a price of Rs 226.10 per share. The decision follows an approval received from the Alternative Mechanism, said Coal India in a regulatory filing to the stock exchanges on Monday.
“This is to inform you that in accordance with the approval given by the Alternative Mechanism, basis the recommendations received from the high-level committee of officers, Government of India, on May 31, 2023, the Seller is proposing to offer up to 92,44,092 equity shares (representing 0.15% of the total paid up equity share capital of the Company) of face value of Rs 10 each to the eligible employees of the Company at a price of Rs 226.10 per equity share,” said Coal India.
The Employee OFS will remain open from June 21 (10:00 AM) to June 23 (05:30 PM) (both days inclusive), said Coal India. The coal miner has just offloaded 3 percent stake owned by the government through OFS. The government managed to raise Rs 4,185 crore through the sale while its share in CIL came down to 63.13 percent. Retail investors showed a strong response to the disinvestment of Coal India, as the number of applications received exceeded the shares reserved for them. Non-retail investors also displayed a great interest in the process. According to Tuhin Kanta Pandey, Secretary of the Department of Investment and Public Asset Management (DIPAM), the second day of the Coal India offer for sale (OFS) saw 1.4 times subscription from retail investors. Non-retail investors bid 3.46 times the base size, equivalent to over 9.24 crore shares.