Coal India share sale over-subscribed, govt to get more than Rs 4,000 crore The Coal India share sale was over-subscribed by both retail and institutional investors and the government is expected to get more than Rs 4,000 crore. In the two-day offer for sale (OFS), the government sold its 18.48 crore shares or 3 per cent stake in Coal India at a floor price of Rs 225 apiece. At the floor price, the stake sale would fetch over Rs 4,000 crore to the exchequer. Institutional investors had on Thursday put in bids for over 28.76 crore share, while retail buyers on Friday bid for over 2.58 crore shares of Coal India. Institutional bidders on Friday put in bids for 5.12 crore shares. The stake sale in Coal India will help the government inch towards the Rs 51,000-crore disinvestment target set for the current fiscal.Shares of Coal India settled for the day at Rs 230.90 apiece on the BSE, up 0.15 per cent over its previous closing price.
Liz Truss, who took over as Britain’s prime minister on Tuesday, vowed immediate action to help the economy, which faces double-digit inflation and an expected lengthy recession.
Showing correlation with mainstream financial markets, cryptocurrency bitcoin fell to its lowest since mid-June and the market cap of all cryptocurrencies dropped below $1 trillion, according to data provider CoinGecko.
The Bank of Canada is expected to announce a large rate hike later on Wednesday as it battles to curb inflation at its highest in nearly four decades.
The regulator had undertaken a series of surveillance actions to ensure that the volatility in the Adani group companies’ share prices was contained. This will be a part of the brief to the finance minister on Wednesday, the sources said.