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What is the story about?
Shares of state-run Coal India Ltd. will remain in focus on Friday, May 29, as the Offer For Sale (OFS) launched by the government, opens for retail investors today.
The retail OFS opens after a strong response to the non-retail portion of the issue, following which, the government has decided that it will be using the green shoe option to sell an additional 1% equity in the country's largest miner.
According to the Secretary of the Department of Investment and Public Asset Management (DIPAM), the non-retail portion of the OFS received bids that were 8.14 times more than the total number of shares on offer.
Here's how retail shareholders can subscribe to the OFS:
Retail investors are those who have an authorized share capital of up to ₹2 lakh.
Clearing price for the non-retail portion has been fixed as ₹447.1.
As per Coal India's March quarter shareholding pattern, the company had 25.33 lakh retail shareholders, who own a 3.82% stake in the company.
Shares of Coal India saw a sharp recovery from the lows of the day on Wednesday, after the non-retail portion received a strong response. From the initial drop of 6%, the stock ended with gains of 1.2% at ₹463.6.
The retail OFS opens after a strong response to the non-retail portion of the issue, following which, the government has decided that it will be using the green shoe option to sell an additional 1% equity in the country's largest miner.
According to the Secretary of the Department of Investment and Public Asset Management (DIPAM), the non-retail portion of the OFS received bids that were 8.14 times more than the total number of shares on offer.
Here's how retail shareholders can subscribe to the OFS:
- Open your trading account and go to the "Corporate Action" or "OFS" section
- Check floor price, bid quantity, price and other aspects mentioned
- Bid price should always be above the cut-off price, else they will be rejected.
- There is also a need to have sufficient funds for bids, following which the amount for which the bids are accepted, will be blocked.
Retail investors are those who have an authorized share capital of up to ₹2 lakh.
Clearing price for the non-retail portion has been fixed as ₹447.1.
As per Coal India's March quarter shareholding pattern, the company had 25.33 lakh retail shareholders, who own a 3.82% stake in the company.
Shares of Coal India saw a sharp recovery from the lows of the day on Wednesday, after the non-retail portion received a strong response. From the initial drop of 6%, the stock ended with gains of 1.2% at ₹463.6.
