New Delhi: The government's 3 percent stake sale in Coal India got over-subscribed Thursday, which will fetch at least Rs 5,000 crore to the exchequer.


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Bidding opened for retail buyers on Thursday-- which was the second day of the two-day OFS-- during which small investors put in bids for over 4.23 crore shares or 1.07 times the shares reserved for them, as per data available with NSE.


As much as 3.96 crore shares were reserved for retail investors. Bidding will continue till 3:30 pm.


Institutional investors had Wednesday put in Rs 4,300 crore worth bids and over-subscribed the shares reserved for them. Of the 14.89 crore share on offer, institutional investors put in bids for 15.84 crore shares or 1.06 times the shares reserved for them.


The government is selling over 18.62 crore shares or 3 percent in Coal India Ltd (CIL) at a floor price of Rs 266 apiece. This will fetch the government Rs 5,000 crore.


On top of the 3 percent stake sale, the government also has an option to retain an over-subscription of another 6 percent stake in the CIL OFS.


If the additional 6 percent stake or 37.24 crore shares are put on the block, then the government could further get about Rs 10,000 crore. Taken together, the 9 percent stake sale in CIL could fetch about Rs 15,000 crore to the government.


The data on how much Green Shoe option (additional bids) in CIL OFS will be exercised by the government will be available later in the day.


Shares of Coal India were trading at Rs 263.30, down 1.07 percent over previous close on the BSE.


Coal India (CIL) offer for sale (OFS) is the first big ticket disinvestment of the current fiscal.


The government currently holds 78.32 percent stake in Coal India.


The government has already raised over Rs 10,028 crore through PSU stake sale, including by way of follow on offer of Bharat-22 ETF, and initial public offering of four PSUs -- RITES, IRCON, Mishra Dhatu Nigam Ltd (MIDHANI) and Garden Reach Shipbuilders.


The stake sale in Coal India would help the government move forward towards the Rs 80,000 crore disinvestment target in current fiscal.


The government had last sold 10 percent stake in CIL through an OFS in January 2015. It had then mopped up about Rs 23,000 crore.