NEW DELHI: Institutional investors lapped up Coal India shares in this fiscal year’s maiden stake sale by the government, with Rs 6,500-crore bids pouring in on the first day of its offer-for-sale (OFS).
The government had offered over 8. 3 crore shares to institutional investors on Thursday, but received bids for 28. 8 crore shares or 3. 5 times. At a price of Rs 226 a share, the bids are worth Rs 6,500 crore. “The government has decided to exercise the green shoe option (of 1. 5%). Retail investors get to bidon Friday,” department of investment and public asset management secretary Tuhin Kanta Pandey tweeted. The government currently holds about 66% in Coal India.
