Coal India’s shares declined almost 5% following India’s government’s announcement to sell a 3% stake in the company through the offer for sale (OFS) route, starting today. The government seeks to raise Rs 4,200 crore ($567 million) from the two-day OFS, with a base offer to sell up to 1.5% of the total paid-up equity. Retail investors can buy shares on 26 March. Non-institutional investors can carry forward their bids until Friday to allocate the retail category. Coal India’s profits fell by 18% YoY, with revenue from operations increasing by 17%.
