NEW DELHI: The big ticket disinvestment of up to 10 per cent in Coal India, to raise about Rs 22,600 crore, got subscribed 29.81 per cent in the afternoon trade.

The total issue of 63.16 crore shares got bids for 18.82 crore shares by 1350 hours, as per BSE data. The retail category of 12.63 crore shares got bids for over 2.38 crore shares (18.86 per cent) while the general category of over 50.53 crore shares was subscribed nearly 33 per cent.

The government is selling 31.58 crore shares, or five per cent stake, through a public offer, with an option to sell another 5 per cent. At the floor price of Rs 358 apiece the public offering, if fully subscribed, would fetch Rs 22,600 crore to the exchequer.

Coal India is the second PSU to hit the market under the government's disinvestment programme in the current fiscal, the first being SAIL in which shares worth about Rs 1,700 crore were sold. On the BSE, the CIL scrip hit a low of Rs 360.50, down 3.90 per cent over its previous close, in the early trade.

It continued to trade in the range of Rs 360.50-364 in early trade which was higher than the floor price.

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