Shares of Central Bank of India experienced a significant decline of nearly 6% on Friday, following the government's announcement of an offer for sale (OFS) to divest up to 8% of its stake in the bank at a discount. The stock dropped to an intraday low of ₹31.65 per share on the National Stock Exchange (NSE), opening lower by 4.78%. The OFS, which includes a 4% base offer and a 4% greenshoe option, was made available to institutional investors on Friday, while retail investors will have the opportunity to bid starting Monday. The floor price for the OFS has been set at ₹31 per share, representing an 8.6% discount from the previous closing price of ₹33.91. If the full 8% stake is sold, the government anticipates raising approximately ₹2,456 crore (around $295 million USD). The government currently holds 89.27% of the bank's shares, which would decrease to 81.27% if the greenshoe option is fully exercised. This divestment is part of the government's strategy to adhere to the minimum public shareholding requirements established by the Securities and Exchange Board of India (SEBI).