At a floor price of Rs 225 per share, the government is selling more than 18.48 crore shares, or 3% of the coal company over the course of two days.

The government used its greenshoe option to sell additional shares from its ownership in the Coal India Ltd. offer-for-sale, the first disinvestment exercise of current fiscal year, after the quota of institutional investors subscribed 346 percent on Thursday.

On Thursday, the Centre offered about 8.31 billion shares to institutional investors. It received bids for 28.76 billion shares, or 3.46 times as many shares, with a value of Rs 6,500 billion at an indicative price of Rs 226.12 per share.

On Friday, retail investors will make their quota subscriptions.

The disinvestment goal for the fiscal year has been set at Rs 51,000 crore by the Centre, which owns 66.13 percent of CIL.

At a floor price of Rs 225 per share, the government is selling more than 18.48 crore shares, or 3% of the coal producer, during the two-day OFS. In the event of oversubscription, there is a 1.5% greenshoe option included in the offering. By selling the OFS at the floor price, the Centre can get Rs 4,158 crore.

On Friday, non-retail investors enthusiastically reacted to the offer for sale in CIL. 3.46 times the base size of subscribers bought the issue. The decision to use the greenshoe option has been made by the government. Tuhin Kanta Pandey, secretary of the department of investment and public asset management, tweeted that retail investors will be able to bid on Friday.

Retail investors will submit their quota subscriptions on Friday.

The Centre, which owns 66.13 percent of CIL, set a disinvestment aim for the fiscal year of Rs 51,000 crore.

During the two-day OFS, the government is selling more than 18.48 crore shares, or 3% of the coal producer, at a floor price of Rs 225 per share. A 1.5% greenshoe option is part of the offering in case of oversubscription. The Centre can earn Rs 4,158 crore by selling the OFS at the floor price.

Non-retail investors responded positively to the offer for sale in CIL on Friday. The issue was purchased by 3.46 times the base number of subscribers. The government has made the choice to employ the greenshoe option. Retail investors will be able to place bids on Friday, according to a tweet from Tuhin Kanta Pandey, the department of investment and public asset management secretary.