Coal India IPO to open on October 18

India's largest coal producing company Coal India (CIL) will open its initial public offering (IPO) for subscription on October 18, 2010.
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Aug 31, 2010, 03.10 PM | Source: Moneycontrol.com

Coal India IPO to open on October 18

India's largest coal producing company Coal India (CIL) will open its initial public offering (IPO) for subscription on October 18, 2010.

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Coal India IPO to open on October 18

India's largest coal producing company Coal India (CIL) will open its initial public offering (IPO) for subscription on October 18, 2010.

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Coal India IPO to open on October 18
India's largest coal producing company Coal India (CIL) will open its initial public offering (IPO) for subscription on October 18, 2010. The company is offering 63.16 crore equity shares through the issue, which was an offer for sale by the President of India, acting through the ministry of coal, Government of India.

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

As per draft prospectus, CIL is the largest coal producing company in the world (Source: CRISIL Research), based on raw coal production of 431.26 million tons in fiscal 2010. It si also the largest coal reserve holder in the world (Source: CRISIL Research) based on reserve base as of April 1, 2010.

The company will not receive any proceeds from the offer and all proceeds will go to the selling shareholder (GoI), which stake will be 89.99% post issue.

For the year ended March 31, 2010, CIL has reported net profit of Rs 9,622.45 crore on total income of Rs 52,592.29 crore.

Book running lead mangers to the issue are Citigroup Global Markets India Private Limited, Deutsche Equities (India) Private Limited, DSP Merrill Lynch Limited, ENAM Securities Private Limited, Kotak Mahindra Capital Company Limited and Morgan Stanley India Company Private Limited.

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Coal India IPO to open on October 18

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