Wednesday, October 20, 2010

Coal India IPO Updates

India's largest coal producing company Coal India's (CIL) initial public offering (IPO) has received overwhelming response from qualified institutional buyers (QIBs). It has been subscribed 5.5 times so far, reports CNBC-TV18.

Reserved portion of QIBs, which closes today, has subscribed 12 times while retail and non-institutional investors' portion got subscribed just 0.6 times and 1 time, respectively.

 It has received bids for 339.12 crore equity shares as against the issue size of 63.16 crore shares.

The government aims to raise more than Rs 15,000 crore through the IPO, which will be largest ever amount raised by an Indian company via offering. The company will not receive any proceeds from the offer and all proceeds will go to the selling shareholder (GoI), whose stake will be 89.99% post the issue.

The offer shall constitute 10% of the post offer paid-up equity share capital of company. The issue will close on October 21 for non-QIBs.

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