Coal India shares gain after FTSE hikes free float of state miner post OFS
Coal India shares gained following FTSE’s announcement that it has increased the free float of the state miner after an offer for sale, which may result in an inflow of $18.5m, according to Nuvama. An additional 6.6 million shares are available for investors, equivalent to 0.7 days’ average daily trading. The two-day offer-for-sale, which ran to 1 June, was expected to raise INR42bn ($569.5m) for the government.
