Indian govt to divest 9% of Coal India equity

In a sudden move, the Indian government on Wednesday announced that it would disinvest 9% of its equity holding in Coal India Limited (CIL) through an offer for sale (OFS) to institutional and retail investors.

The sale of 9% equity from total existing government holding of 78.32% was expected to net the government an estimated $2-billion assuming full subscription of the OFS at the floor price fixed at Rs 266 ($3.6) a share.