Institutional investors on Wednesday lapped up Coal India shares, putting in bids worth about Rs 19,000 crore, with the issue getting over-subscribed 8.14 times on the first day.

The government is selling over 12.32 crore, or up to 2 per cent stake, in Coal India at a floor price of Rs 412 a share. The issue includes a green-shoe option of 1 per cent. Retail investors will bid in the OFS on May 29.

Department of Investment and Public Asset Management (DIPAM) Secretary Arunish Chawla said the issue has received "enthusiastic response" from investors, and allocation will be done on a price priority basis.

"Government has decided to exercise the entire green shoe option," Chawla said on X.

Non-retail or institutional investors subscribed to more than 45.15 crore shares or over 8 times the shares reserved for them at an indicative price of Rs 436.69 per share, much higher than the set floor price.

At this indicative price, bids of over 45.15 crore shares amount to around Rs 19,000 crore.

The floor price of Rs 412 per share was at a 10 per cent discount over Tuesday's closing price of Rs 458.25 on the BSE.

On Wednesday, shares of Coal India closed at Rs 462.90, up 1.01 per cent over the previous close on BSE.

Coal India is the second OFS of a public sector company in the current fiscal year. Last week, the government sold 8.08 per cent stake in Central Bank of India via OFS and raised Rs 2,266 crore.

The FY27 Budget has estimated a mop-up of Rs 80,000 crore through disinvestment and asset monetisation, more than double the Rs 33,837 crore given in the Revised Estimates for FY26