Centre to offload up to 2% stake in Coal India through OFS, sets floor price at Rs 412 per share

In a posh to raise around Rs 5,000 crore for the exchequer, the government will sell up to a 2 per cent stake in Coal India through an offer for sale (OFS), with a floor price of Rs 412 per share, PTI reported.The sale comprises a base offer of 1 per cent equity and an additional 1 per cent green shoe option in case of oversubscription. The OFS for non-retail investors will open on May 27, while retail investors can participate on May 29."Government of India announces OFS in Coal India Limited with a base offer of 1 per cent of its equity and an additional 1 per cent Green Shoe Option in case of oversubscription. Floor price fixed at Rs 412 per share," Department of Investment and Public Asset Management (DIPAM) Secretary Arunish Chawla said in a post on X.The proposed sale of up to 12.32 crore shares at Rs 412 apiece is expected to fetch around Rs 5,000 crore.Shares of Coal India closed at Rs 458.25 on the BSE on Tuesday, up 0.25 per cent from the previous close. The OFS floor price is nearly 10 per cent lower than the current market price."With strong operational and financial performance, consistent returns and attractive dividends, CIL continues to offer a compelling long-term investment opportunity," Chawla added.Coal India will be the second public sector company to undergo an OFS in the current financial year. Last week, the government sold an 8.08 per cent stake in Central Bank of India through an OFS and raised Rs 2,266 crore.In the Union Budget for FY27, the government projected Rs 80,000 crore from disinvestment and asset monetisation, more than double the revised estimate of Rs 33,837 crore for FY26.