Coal India OFS subscribed over 8 times on day 1; govt to exercise greenshoe option

New Delhi: Investors piled into the government’s stake sale in Coal India Ltd, with the offer-for-sale (OFS) drawing bids worth more than eight times the shares on offer on the first day, signalling confidence in the state-owned miner’s diversification push.

The issue was subscribed 8.14 times on Wednesday, according to department of investment and public asset management (Dipam) secretary Arunish Chawla.