CIL OFS Inst. investor quota gets over-subscription

New Delhi: The government's offer-for-sale (OFS) for up to 3 per cent stake in Coal India got over-subscribed by institutional investors on Thursday in post-noon trade. As against 8.31 crore shares of offer, investors have put in bids for 8.74 crore shares, representing 105.04 per cent of the offer size reserved for them, at 1320 hours. Bidding will continue till close of market hours. In the two-day OFS, the government is selling over 18.48 crore shares or 3 per cent in the PSU coal producer at a floor price of Rs 225 a share. The sale includes a green-shoe option of 1.5 per cent in case of over subscription. Bidding for retail investors will begin on Friday. In the secondary market, shares of Coal India are trading at Rs 229.60, down 4.81 per cent over Wednesday's closing price.