Coal India OFS Non-Retail Category Fully Subscribed On Day 1

Coal India's offer for sale for non-retail investors got fully subscribed on Day 1.

The base offer for the non-retail category was set at 8.31 crore shares. The base offer has been subscribed to the tune of 345.72% as of 3:30 p.m. on June 1.

The government now has the choice to exercise the "oversubscription" option of offering an additional 9.24 crore shares for sale for both retail investors and non-retail investors who have opted to bid on June 2. In that case, the new offer size, including the green shoe option, will stand at 18.48 crore shares.

Retail investors have been allowed to bid only on June 2, with 10% of the total offer size reserved for them.

About 60% of the analysts tracked by Bloomberg have a buy recommendation on the stock, and 26% have a sell recommendation. The consensus 12-month target price implies an upside of 14.4%.