Indian Government Announces Second Offer for Sale (OFS) of Coal India Shares

Tanushree Jaiswal 28th July 2023 - 11:21 pm

The Indian government has announced an Offer for Sale (OFS) of 92.44 lakh shares of Coal India, representing 0.15 percent equity stake. This move marks the second OFS by the company this month. Eligible employees will have the opportunity to purchase the shares at a price of ₹226.10 per share.

Coal India's employee Offer for Sale (OFS) will take place from June 21 to June 23, reducing the government's stake to 63.13 percent after the previous OFS. In the March quarter of FY23, Coal India recorded a robust consolidated net profit of ₹5,527.62 crore. Although this represents 17.7 percent decrease from the previous year, consolidated revenue for the quarter saw 17.3 percent year-on-year increase, reaching ₹35,161.44 crore.

Coal India is the unrivaled supplier of thermal coal to power sectors, meeting 75-80 percent of fuel needs and standing as the industry leader.

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Tanushree Jaiswal

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