Coal India dips on government stake sale plan report 07.10.2013 Coal India has dipped nearly 4% at Rs 299 on BSE on reports that the company’s 5% follow-on public offer (FPO) is likely to hit the market by the second week of December. The government, which currently holds a 90% stake in Coal India, intends to sell more than 315 million shares through an offer for sale or OFS through the stock exchanges. Shares will be allotted to Coal India employees at a 5% discount to the lowest cut-off price. A maximum of 10% of the offer will be kept for employees. The government has reportedly selected seven merchant bankers for the stake sale -- Goldman Sachs, Credit Suisse, Deutsche Bank, SBI Capital Markets, Kotak Mahindra Capital, JM Financial and Merrill Lynch, the Economic Times report suggests. The stock opened at Rs 308 and has seen a combined 2.4 million shares change hands on the counter till 1050 hours on the NSE and BSE. ***Source: Business-standard
Posted on: Mon, 07 Oct 2013 05:38:01 +0000
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