Coal India IPO : Finally subscribed 15.2 times

by khalid on 22/10/2010 · 0 comments

The IPO of Coal India Limited has received a good response from the investors with the final over-subscription figure reached to 15.2 times on an overall basis. Coal India IPO was open on 18th Oct 2010 and get closed on 21st Oct 2010 for subscription. State-run Coal India`s Rs 150 billion mega IPO acquired applications for 9,603,657,675 shares against 631,636,440 shares on offer. The government is diluting 10 per cent stake in Coal India Limited (CIL) through the public offer. At present, the government owns a 100 per cent stake in the company. At the upper level of price band, Coal India IPO is worth Rs 154.75 billion and at the lower end it would fetch about Rs 142.11 billion. Coal India is a Navratna company of Indian Government.

Notice by Government :- Coal India IPO investors can withdraw their application till Monday 25th Oct 2010. This option is given to investors because of a critical error in the financial statement of the company. Coal India IPO closed today (21/10/2010) for subscription.

The category-wise subscription status of IPO on closing day is given below:-

Qualified Institutional Buyers (QIBs) : 24.70 times
Non Institutional Investors : 25.40 times
Retail Individual Investors : 2.31 times
Employee Reservations : 0.10 times
Overall : 15.28 times

The IPO proceeds would be used for carry out the divestment of 631,636,440 Equity Shares by the Selling Shareholder and to achieve the benefits of lisitng the Equity Shares on the Stock Exchanges.

The equity shares offered through the IPO are proposed to be listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).

Book running lead managers 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 Pvt Ltd.

Registrar of the Issue : Link Intime India Private Ltd, Mumbai.

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