New Delhi, May 28 -- The offer for sale (OFS) for Coal India, which opened on Wednesday for non-retail investors, garnered a solid response, with over 8 times bids worth about Rs.19,000 crore.

The government is selling over 12.32 crore, or up to 2% stake, in the Maharatna PSU at a floor price of Rs.412 a share, suggesting a discount of 11% from Tuesday's closing price of Rs.458.15. The issue includes a green-shoe option of 1%, which the government has decided to exercise, according to a post by Department of Investment and Public Asset Management (DIPAM) secretary Arunish Chawla.

The non-institutional investor bid at an indicative price of Rs.436.70, much higher than the floor price.

Coal India OFS will now open for retail investors on...