Coal India slips 5% as government begins partial stake sale via OFS
Shares of Coal India (CIL) slipped 5 per cent to Rs 229.65 on the BSE in Thursday’s intra-day trade as the government began offloading its 3 per cent stake, using the offer for sale (OFS) mechanism, starting today.
The floor price for the stake sale has been set at Rs 225 a share, which represents a discount of around 7 per cent from the closing price of Rs 241.2 on Wednesday. In the past two months, the stock had rallied 13 per cent till Wednesday.
The Centre has proposed to sell up to 3 per cent of its stake in the national miner CIL through the OFS route from June 1.
