The government is selling 92.44 lakh shares of Coal India Limited (CIL) to eligible employees at ₹226.10 apiece on June 21. The offer for sale (OFS) is part of the government’s disinvestment plan for the current financial year.
The OFS is open to all eligible employees of CIL, including regular employees, workmen, and apprentices. Employees can bid for a maximum of 150 shares. The OFS will be conducted through the National Stock Exchange (NSE) and the BSE.
The government is selling these shares to raise ₹2,124.48 crore. The OFS is expected to be fully subscribed, as there is a high demand for CIL shares among employees.
By divesting its stake in CIL, the government aims to achieve multiple objectives. Firstly, it intends to raise funds to support its various schemes and programs. Secondly, it seeks to enhance CIL’s independence as a company. Lastly, the government aims to attract private investment in CIL.
The OFS of CIL shares is a positive step towards achieving these objectives. It will enable the government to raise necessary funds while fostering greater independence for CIL. Additionally, the OFS is expected to create opportunities for private investment in the company, further boosting its growth and development.
