The central government will sell 92.44 lakh shares of Coal India, representing 0.15 per cent of the total equity share of the company, to its eligible employees via Offer For Sale route, the state-owned company informed stock exchanges on Monday.
The Coal India shares will be offered at Rs 226.10, the stock exchange filing showed. The OFS for employees shall remain open from June 21, 2023 (10:00 AM) to June 23, 2023 (05:30 PM) – Wednesday-Friday.
Offer for Sale typically means the promoters (owners) selling their shares to raise additional funds for the company.
At the time of writing this report, the shares of Coal India were trading at Rs 227.25, down 0.6 per cent from Friday’s closing.