The Centre has decided to offer 99 lakh shares of Coal India to its employees at Rs 252.7 per share. The sale will allow the Government to earn Rs 250 crore.
The offer to the staff is part of the divestment tranche, wherein the Centre divested 3.19 per cent of its stake at a price of Rs 266 per share to financial institutions and retail investors.
An additional five per cent of the portion divested will be offered to employees at a five per cent discount on the final price, arrived at the offer for sale that concluded last week.
The sale of 19.8 crore equity shares of Coal India will help the Government generate Rs 5,267 crore. However, the Government will continue to hold a majority stake of 75.13 per cent in the Company.