Through the OFS, the Government of India proposes to sell up to 9,24,40,924 equity shares (representing 1.5% stake), with an option to sell an additional 1.5% stake or 9,24,40,924 equity shares in case of oversubscription.

The floor price for the sale has been set at Rs 225, a 6.72% discount to the stock's closing price of Rs 241.20 on Wednesday, 31 May 2023.

The total OFS size (base size + green shoe) stands at 18,48,81,848 shares, representing 3% of outstanding equity shares of the company, the value of which (at floor price) aggregates to Rs 4159.84 crore.

The Government of India held 66.13% stake in Coal India as of 31 May 2023.

The OFS opened on Thursday (1 June 2023) for non-retail investors, while both retail as well as non-retail investors will be able to subscribe on Friday (2 June 2023).

As on 12:15 IST, the OFS received subscription for 5,10,15,421 shares. It was subscribed 61.32% on the base non-retail offer size of 8,31,96,831 shares and 30.66% on the total non-retail offer size (base size + green shoe) of 16,63,93,662 shares.

CIL is a coal mining company engaged in the production and sale of coal. As of 31 March 2023, the Government of India held 66.13% stake in the company.

CIL's consolidated net profit fell 17.33% to Rs 5,533.23 crore in Q4 FY23 from Rs 6,692.94 crore recorded in Q4 FY22. Net sales jumped 17.26% year on year to Rs 35,161.44 crore in Q4 FY23.

The board of Coal India approved hiking non-coking coal prices by 8%. The hike is effective from 31 May 2023 and will apply to all subsidiaries of CIL. The hike is expected to generate an incremental revenue of Rs 2,703 crore for the balance period of FY24.