+
Centre proposes to sell 3% stake in Coal India via OFS
COAL & MINING

Centre proposes to sell 3% stake in Coal India via OFS

The Centre has suggested using the offer for sale (OFS) method to sell up to 3% of its ownership stake in domestic miner Coal India (CIL) starting on June 1.

With the sale, the government hopes to raise about $4,1620 million. The share sale would help the Centre reach its 510,000 million disinvestment goal for 2023–2024. In the previous fiscal year, the Centre fell short of its disinvestment goal.

Since 2018, the sale of CIL's interest has been planned. However, the company's share price has fallen short of projections. In order to start the sale process, the government and CIL were aiming for the share price to rise slightly above Rs 220 per share.

Due to increased share demand in the most recent quarter, CIL was able to meet its production goal.

The plan from the Centre is for selling up to 1.5% of CIL's shares on June 1 and 2, with a green shoe option to sell an extra 1.5%. Currently, the Centre owns 66.13 percent of CIL. At Rs. 225 per share, the floor price has been established for the stake sale.

The Centre has suggested using the offer for sale (OFS) method to sell up to 3% of its ownership stake in domestic miner Coal India (CIL) starting on June 1. With the sale, the government hopes to raise about $4,1620 million. The share sale would help the Centre reach its 510,000 million disinvestment goal for 2023–2024. In the previous fiscal year, the Centre fell short of its disinvestment goal. Since 2018, the sale of CIL's interest has been planned. However, the company's share price has fallen short of projections. In order to start the sale process, the government and CIL were aiming for the share price to rise slightly above Rs 220 per share. Due to increased share demand in the most recent quarter, CIL was able to meet its production goal. The plan from the Centre is for selling up to 1.5% of CIL's shares on June 1 and 2, with a green shoe option to sell an extra 1.5%. Currently, the Centre owns 66.13 percent of CIL. At Rs. 225 per share, the floor price has been established for the stake sale.

Next Story
Real Estate

MoHUA Sanctions 1.47 Lakh Additional Houses Under PMAY-U 2.0

In a major push towards the Government’s Housing for All mission, the Ministry of Housing and Urban Affairs (MoHUA) has approved 1,46,582 additional pucca houses under Pradhan Mantri Awas Yojana – Urban 2.0 (PMAY-U 2.0) for 14 States/UTs, bringing total sanctions under the revamped scheme to 8.56 lakh.The decision came during the fourth meeting of the Central Sanctioning and Monitoring Committee (CSMC), chaired by Srinivas Katikithala, Secretary, MoHUA, at the Ministry’s Kasturba Gandhi Marg office. Senior officials, State Principal Secretaries, and PMAY-U Mission Directors participated ..

Next Story
Real Estate

Piyush Goyal Inaugurates Expanded ISA Building at Intellectual Property Office

Union Minister of Commerce and Industry, Piyush Goyal, today inaugurated the newly expanded International Searching Authority (ISA) building at the Intellectual Property Office (IPO) in Dwarka, New Delhi, marking a major step forward in India’s intellectual property ecosystem.Addressing the gathering, Goyal highlighted that innovation has been central to India’s heritage for centuries, citing the engineering brilliance of the Konark Temple as a historic example. He emphasised that innovation is not just intellectual property but a symbol of sovereignty, and a key driver in India’s journe..

Next Story
Real Estate

SIEGER Boosts Automation in Mumbai Realty

SIEGER, a leading automation solutions provider, is expanding its advanced manufacturing capabilities to meet the surging demand for precision, high-speed automation in Mumbai’s rapidly growing real estate sector.Operating from a 21,000 m² advanced production hub in Coimbatore—part of a 40,000 m² integrated campus—SIEGER offers complete solutions from design and prototyping to manufacturing and deployment. The fully digitalised facility features CNC machining, QR-coded component tracking, conveyorized powder coating, and a Government of India–certified R&D centre, ensuring unmatc..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?