The government may stretch about Rs 22,600 crore bid.
Jasleen Kaur | January 30, 2015
The 10 percent stake sale in Coal India Limited (CIL) through a one-day offer has been oversubscribed. According to the NSE website, while the retail portion (where investment is done up to Rs 2 lakh) was undersubscribed (0.42), the institutional category was oversubscribed by 1.2 times. The government may stretch about Rs 22,600 crore bid.
The CIL offer was set at the floor price of Rs 358, which was below the closing of Rs 374 at the end of the market hours on Thursday, offering a 4.5 percent discount.
For CIL stake sale, the govt had doubled to 20 percent of the quota reserved for retail investors, who can buy shares worth up to Rs 2 lakh in the share sale.
This is also the first stake sale in which the government has considerably reduced the time gap between the announcement of disinvestment and the date of offers, in order to save the beating down of share price.
The government had offered 10 percent of its stake in the state-owned CIL through an offer for sale route on Friday.
The government’s stake in CIL has been reduced by 10 percent to 79.65 percent.
Earlier this month, the trade unions in CIL had gone on a strike protesting against the stake sale, but it was later called off.
Under the disinvestment programme of the current government, CIL is the second company to hit the market. Earlier in December, the government earned over Rs 1,700 crores through 5 percent stake sale in steel giant SAIL.
Before the novel coronavirus hit it, Mumbai about 10-12 lakh labourers from elsewhere had made it their home. The figure for the state of Maharashtra was another 18-20 lakh. As the pandemic spread and the Maximum City emerged as the worst-hit place in India, all economic activities came to an end, and with
For the rest of the world, it is not easy to understand China when it comes to politics or economics. Under pressure from the international community, it has accepted to open the country for a “comprehensive” probe into the origin of the deadly coronavirus. But it is not clear whether the Asian
Even as humanitarian support is pouring in to help distressed migrants amid Covid-19 pandemic and the lockdown, civil society organizations and NGOs are working for sanitation of community toilets which have become breeding source of virus infection. Every community toilet has 20 seats. Each
India, completing about two months of lockdown to protect against the spread of the Novel Coronavirus, has made good use of the time to improve health infrastructure, the government has said. Countering media reports “about some decisions of the government regarding the lockdown implem
As India begins to learn to live with Covid-19 and come out of nearly two-month long lockdown, regular train services are set to resume from June 1 in a graded manner, even as more ‘shramik’ special trains are planned. The railway ministry, in consultation with the health ministr
In the battle against Covid-19, India has managed to keep the mortality rate low at 0.2 deaths per lakh population, compared to some 4.1 deaths for the same population worldwide. Moreover, a total of 39,174 patients have been cured, registering a recovery rate of 38.73% which is improving continuously.