Millennium Post

Scrip dips 3.81% as floor price set at discount

Stocks of Coal India ended nearly 4 per cent lower in the wake of the floor, or the minimum offer, price for the company’s share sale being set at a discount. CIL’s scrip lost 4 per cent to Rs 360.10 in intra-day trade at the BSE and finally ended at Rs 360.85, down 3.81 per cent from its previous close.

On the NSE, it fell by 3.68 per cent to settle at Rs 361.15. In the biggest ever disinvestment exercise, the government’s 10 per cent stake sale in Coal India on Friday got over subscribed by 1.05 times and fetched about Rs 22,600 crore although retail investors did not bid so aggressively. The floor price for CIL’s share sale has been set at Rs 358 apiece, which is 4.57 per cent less than Thursday’s closing price.
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