No immediate OFS of Coal India: DIPAM official

Any further Offer For Sale (OFS) in Coal India to raise funds is currently not on the radar and will be decided later, depending on the market, sources said.

"Coal India has met the MPS (minimum public shareholding) target. To that extent there is no obligation for further sale. Rest will be decided later, depending on the market situation," sources at the Department of Investment and Public Asset Management (DIPAM) said.

The Securities and Exchange Board of India (SEBI) directive to all listed companies is to keep the public shareholding at 25 per cent.

Coal India shares were trading at Rs 253.5, down 2.53 per cent at 2.47 p.m. As per BSE data, promoter (government) holds 70.96 per cent as on March 2019 and the public holds 29.04 per cent, with the highest public shareholder LIC P&GS Fund holding 10.94 per cent.

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