"Offer for sale in CIL opens tomorrow for non-retail investors. Retail investors can bid on Friday. Government will divest 3% equity including a Green Shoe option of 1.5%,"DIPAM secretary Tuhin Kanta Pandey said in a tweet on Wednesday.
Coal India said in a stock exchange filing that the government plans to sell up to 92.4 million shares (1.5% stake) for non-retail investors on Thursday, with the option to sell another 1.5% to both retail and nonretail investors on Friday.
It said shares equivalent to up to 5% of the offer size may be offered to eligible and willing employees, after the completion of the offer and subject to approval from authorities.
The employees will be eligible to apply for equity shares up to 50 lakh. The allotment to an employee will be up to 20 lakh, and in the event of undersubscription in the employee portion, the total allotment to an employee will not exceed ₹50 lakh.
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