Mumbai: The Coal India has decided to sell 92.44 lakh shares, which is equivalent to 0.15% equity stake, in the Bombay Stock Exchange (BSE) to eligible employees at ₹226.10 per piece via offer for sale (OFS). The scheme, employee OFS, will remain open from June 21 to June 23, 2023, said a senior official of the company.
“…Government of India, on May 31, 2023, the Seller is proposing to offer up to 92,44,092 equity shares (representing 0.15% of the total paid up equity share capital of the Company) of face value of ₹10 each to the eligible employees of the Company at a price of ₹226.10 per equity share,” Coal India said in an exchange filing.
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As per the BSE filing, the Government of India holds 66.13% stake in the company, while its public shareholding was 33.87% at the end of March 2023, the official said.
Coal India’s net profit has fell about 18% to 5,527.62 crore on year on year (YoY) basis during the quarter 4 of this fiscal (Q4FY23). The decline in profit was primarily attributed to the increase in provision towards the wages in NCWA-XI. Profit after tax (PAT) would have been the highest ever profit in any quarter had the provision not been made, said Coal India in a statement.
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Net sales during the quarter increased by 17% to ₹35,161 crores from ₹29,985 crore in Q4FY22. The company’s net profit for FY23 grew by 62% to reach an all-time high of ₹28,125 crore from ₹17,378 crore in FY22. Higher volume sales and increased premiums in e-auction bolstered the company’s profitability, Coal India said.
Notably, the Coal India shares have rallied over 24% in the last one year period. On June 19, the shares of Coal India were trading 0.53% lower at ₹227.20 apiece on the BSE at 11:50 am.
