Coal India OFS 2026: Retail window opens May 29

Coal India shares in focus ahead of retail OFS

Coal India Ltd shares are expected to stay in the spotlight as the government’s Offer for Sale (OFS) opens for retail investors on Friday, May 29, 2026. The retail window follows bidding by institutional and other non-retail investors earlier in the week. The OFS structure splits participation by category and day, which often concentrates attention on the stock around the retail session.

The government has fixed a floor price of ₹412 per share for the OFS. This floor was described as nearly 11% below Coal India’s Tuesday close of ₹458.15, a spread of ₹46.15 per share. Coal India’s price was also cited at ₹446.20 on May 27, down 2.61%, with the decline linked to typical OFS-related pressure.

What the government is selling and how big it is

Coal India’s OFS is positioned as a stake sale of up to 2% of the company through a base offer and an oversubscription option. The base offer comprises 6.16 crore equity shares, equal to 1% of Coal India’s paid-up equity capital. The government has also kept an oversubscription option for an additional 6.16 crore shares, which can take the total sale to 12.32 crore shares, or 2% equity.

At the floor price of ₹412, the transaction value was described as more than ₹5,000 crore. The government’s stake in Coal India before the OFS was stated at 63.13%. The OFS is routed through the stock exchanges, with orders placed on the National Stock Exchange of India Ltd and BSE Ltd.

Timeline: non-retail first, retail after the holiday

The OFS opened for non-retail investors on May 27, 2026. Retail investors and eligible employees can bid on May 29, 2026, which is the next trading day after the Bakri Id market holiday on May 28. The retail bidding session is scheduled during normal market hours, from 9:15 AM to 3:30 PM on May 29.

Non-retail investors with unallotted bids can carry forward those bids to May 29 and revise them on that day, as per the process described. This two-session format is standard for government OFS issues and is designed to discover price through larger investors first, followed by retail participation.

Non-retail outcome: clearing price and subscription snapshot

For the non-retail portion, the clearing price was fixed at ₹447.10 per share. Separate updates also provided an indicative price of ₹413.68 per share during the bidding session. As of 11:30 AM on May 27, the non-retail portion had received bids for 1.11 crore shares, which translated into 20.17% subscription against a base non-retail offer size of 5.54 crore shares.

These datapoints matter for retail participants because allotment in OFS is linked to the discovered price and the level of demand seen in earlier bidding. At the same time, the floor price remains the minimum bid level for participants.

Retail and employee reservations: what’s set aside

Multiple figures were cited for the retail reservation. One disclosure said 10% of the total offer size, or around 1.23 crore shares, is reserved for retail investors, subject to valid bids. Another report stated that 61.62 lakh shares were earmarked for retail.

An employee reservation was also specified. Up to 25,000 equity shares are reserved for eligible employees under the employee reservation category. Eligible employees were said to be able to bid for shares worth up to ₹0.05 crore (₹5 lakh).

Key terms retail investors should note

Retail investors are classified under OFS rules as individuals who place bids worth up to ₹0.02 crore (₹2 lakh). The process described requires investors to submit bids through their broker’s OFS window and ensure sufficient funds are available. A 100% upfront payment requirement was also highlighted in the participation guide.

A key operational point is that bids should be at or above the applicable cut-off price, with bids below the cut-off liable to be rejected. The amount for accepted bids is blocked until the allotment process is completed. Allotment timing was described as typically the same day or the next trading day.

How to apply through the broker OFS window

The bidding process described is similar to prior government stake sales. Retail investors need to log in to their trading accounts during the OFS session on May 29 and navigate to the corporate actions or OFS section. The OFS window typically shows the floor price, bid quantity, offer size, and timelines.

Investors can bid at a specific price above the floor price or choose the cut-off price option, as described. One guide also illustrated a rough maximum quantity for retail based on the floor price, estimating about 485 shares at ₹412 within the ₹0.02 crore (₹2 lakh) cap. It also noted that retail investors are not guaranteed allotment.

Retail discount: conflicting references in reports

One set of details stated there is no additional retail discount in this OFS, noting “Retail Discount: NIL” and that all investors bid at the ₹412 floor. Separately, another note claimed retail investors receive a 5% discount on the cut-off price discovered in the non-retail category.

Given these conflicting references, retail investors typically rely on the official OFS notice and their broker’s order window for the applicable price and category terms on the bidding day. The floor price of ₹412 is consistently cited across the materials provided.

Key facts table

Market impact and why this OFS matters

Coal India’s stock reaction around the OFS has been framed as typical supply-related pressure. The price point of ₹446.20 on May 27, down 2.61%, was cited alongside the OFS timeline, reflecting how secondary market pricing can adjust when a large stake sale is underway.

For the government, the OFS is positioned as a sizeable monetisation exercise of more than ₹5,000 crore at the floor price. For retail investors, the main practical considerations are the bid window on May 29, the bid price relative to the cut-off, and the category limits under OFS rules. The non-retail clearing price of ₹447.10 is a key reference point because it signals where price discovery landed for that category.

Conclusion

Coal India’s OFS moves into the retail phase on May 29, 2026, after non-retail bidding on May 27 and a market holiday on May 28. The offer is anchored by a floor price of ₹412 per share, with a potential sale of up to 12.32 crore shares if the oversubscription option is exercised. Retail and employee investors placing bids on Friday will be watching the terms displayed in their broker’s OFS window and the cut-off mechanics that determine allotment.