Coal India IPO unwrap for subscription today

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Coal India IPO unwrap for subscription today

Post by nirmalbang on Mon Oct 18 2010, 13:15

India's largest coal producing company Coal India's (CIL) initial public offer (IPO) has opened for subscription today.

The company aims to raise more than Rs 15,000 crore through the IPO, which is the largest amount IPO in Indian history. Previously Reliance Power had raised more than Rs 11,000 crore via IPO.

This IPO is a part of the government's divestment programme and the entire amount will go to government, which will hold 89.99% stake post dilution.

The issue will open for subscription till October 20 for qualified institutional buyers and October 21 for non-QIB buyers. Even the employees and retail investors will get 5% discount to the issue price.

Last week the company got assurance from Indian prime minister's office that it could fully exploit its coal reserves, which were earlier constrained by the environment ministry.

Coal India Limited (CIL) a Schedule 'A' 'Navratna' Public Sector Undertaking under Ministry of Coal, Government of India produces non-coking coal and coking coal of various grades for diverse applications. Coal India's major consumers are the power and steel sectors. Others include cement, fertiliser, brick kilns etc.

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