| | JUNE 20238The government intends to sell a 3% stake in Coal India Limited (CIL) through an offer for sale (OFS). Non-retail investors can bid on the offer on June 1, while retail investors can bid on it on June 2.The divestment of the Centre's Three Percent equity includes a 1.5 percent Green Shoe option. The OFS is worth approximately Rs 4,000 crore, with a floor price of Rs 225 per share. This represents a nearly seven percent discount from Coal India's current market price.The proposal is to sell 9.24 crore shares, representing a 1.5 percent stake in the coal producer. In addition, CIL stated in a regulatory filing that there will be a green shoe option for selling an equal amount of stake in the event of over-subscription.Promoters in public companies can use the OFS route to sell their shares and reduce their holdings in a transparent manner via the exchange's bidding platform. The National Payments Corporation of India (NPCI) announced on Thursday that the Unified Payments Interface (UPI) reached a new high of 9 billion transactions in May of this year. The information was provided by the country's umbrella body for operating retail payments and settlement systems on its official Twitter handle."It's 9 Billion+ transactions in May`23! Make seamless payments from your mobile in real-time with UPI," the NPCI tweeted.In accordance with a previous PwC India report, UPI transactions are expected to reach 1 billion per day by 2026-27, accounting for 90 percent of retail digital payments in the country.The report "The Indian Payments Handbook - 2022-27," UPI accounted for approximately 75 percent of total transaction volume in the retail segment during 2022-23.According to the report, the Indian digital payments market is expected to reach 411 billion transactions in FY 2026-27, up from 103 billion in FY 2022-23, at a CAGR of 50 percent."It is estimated that UPI will record 1 billion transactions per day by FY2026-2027, increasing from 83.71 billion transactions in 2022-23 to 379 billion transactions by 2026-27," the report continued.It also stated that the credit card segment is growing at a healthy rate, as card (both debit and credit) payment is one of the most popular retail digital payment instruments after UPI. Credit card transactions are expected to outnumber debit card transactions by FY 2024-2025. GOVERNMENT TO SELL THREE PERCENT STAKE IN COAL INDIAUPI CROSSES 9 BILLION TRANSACTIONS: NPCIIN FOCUSIN FOCUS
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