The Indian government has announced that it will exercise the greenshoe option in Coal India Ltd’s offer for sale (OFS) after it was oversubscribed by 346% by institutional investors. The government had initially offered to sell up to 1.5% of the total paid-up equity as a base offer, with an option to sell an additional 1.5% in case of oversubscription. The OFS was opened to institutional investors on Wednesday and has received bids for 28.76 crore shares, compared to the 8.31 crore shares on offer. The government will now sell an additional 1.5% stake in the coal major.
Government to Exercise Greenshoe Option in Coal India Offer for Sale after Huge Demand
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