Explorer

Election Results 2024

(Source: ECI/ABP News/ABP Majha)

Coal India To Offload 92.44 Lakh Shares To Employees Via OFS, Stock Slides

Earlier this month, the government mopped up Rs 4,185 crore through a 3 per cent stake sale in Coal India through an OFS

The government will offload 92.44 lakh shares of Coal India, representing 0.15 per cent equity stake, to eligible employees through an Offer for Sale (OFS), the state-owned coal miner said on Monday. This is the second such move by Coal India this month. According to a statement to the exchanges, “…the Seller is proposing to offer up to 92,44,092 equity shares (representing 0.15 per cent of the total paid up equity share capital of the Company) of face value of Rs 10 each to the eligible employees of the Company at a price of Rs 226.10 per equity share.”

The employee OFS shall remain open from June 21 (10 am) to June 23 (5.30 pm).

Earlier this month, the government mopped up Rs 4,185 crore through a 3 per cent stake sale in Coal India through an OFS. The holding of the government has come down to 63.13 per cent in the coal producer after the OFS. The issue was oversubscribed by both retail and institutional investors.

ASLO READ | Stock Market: Sensex Slips 216 Points, Nifty Ends At 18,755. PSU Banks Lead, Realty Drags

Coal India reported a consolidated net profit of Rs 5,527.62 crore for the March quarter of FY23, down 17.7 per cent from a year ago. Consolidated revenue for the quarter stood at Rs 35,161.44 crore, up 17.3 per cent year on year.

During the quarter, the gains from rising coal prices under the fuel supply agreement (FSA), up 5 percent YoY to Rs 1,550 per tonne, amid better product mix and increased share of the non-power sector, was offset by one-off higher provisioning of employee cost, Nuvama Institutional Equities said.

Coal India is the largest supplier of thermal coal to power sectors, with 75-80 per cent of fuel requirements being met by the coal major.

Demand for coal is seen rising on the back of enhanced power demand for rural electrification. Shares of Coal India have gained just 1.20 per cent this year, though the 1-year return stands at nearly 29 per cent.

View More
Advertisement
Advertisement
25°C
New Delhi
Rain: 100mm
Humidity: 97%
Wind: WNW 47km/h
See Today's Weather
powered by
Accu Weather
Advertisement

Top Headlines

Stung By Rebellions In 2022 And 2023, Uddhav Sena & Sharad Pawar's NCP Take Measures To Prevent Re-Run
Stung By Rebellions In 2022 And 2023, Uddhav Sena & Sharad Pawar's NCP Take Measures To Prevent Re-Run
UP ByPolls 2024: Ahead Of UP Bypolls Vote Counting, SP Demands Re-Election At 52 Booths
Ahead Of UP Bypolls Vote Counting, SP Demands Re-Election At 52 Booths
Jharkhand Election Results: Early Trends Show BJP, Jharkhand Locked In Neck-And-Neck Contest
Jharkhand Election Results: Early Trends Show BJP, Jharkhand Locked In Neck-And-Neck Contest
Manipur Crisis: Govt To Deploy 90 More CAPF Companies, 258 Dead In Clashes Since May 2023, Security Advisor Says
Manipur Crisis: Govt To Deploy 90 More CAPF Companies, 258 Dead In Clashes Since May 2023
Advertisement
ABP Premium

Videos

What will happen in the Maharashtra & Jharkhand Election Result 2024? | ABP NewsDelhi News: 'Rewadi Samvad Abhiyan launched' Cabinet Minister Imran Hussain says he will go amidst the publicBreaking News: Big news related to Maharashtra cash scandal | Vinod Tawde | BJP | Congress | ABP NewsUP Bypolls: Akhilesh gets angry as inspector points a pistol at him, makes a big revelation | ABP News

Photo Gallery

Embed widget