Institutional buyers put bids for 30% of Coal India shares in morning trade

The Indian government’s offer-for-sale for 3% stake in Coal India began smoothly with institutional buyers biding for 30% of the shares in the morning. Over 8.31 crore shares are being offered to institutional bidders in the two-day sale, at a floor price of Rs 225 a share, and including a green shoe option of 1.5% in the case of over subscription. The secondary market shares of Coal India are trading at Rs 230.40, down 4.48% over Wednesday’s closing. This will be the first of many Public Sector Undertaking stake sales to come in the present fiscal, and the sale may help the government inch towards the Rs 51,000 crore disinvestment target set for the year.