Coal India IPO : Planning to file DRHP with SEBI by June

by khalid on 10/03/2010 · 0 comments

The Union Government has decided to disinvest 11% in Coal India (CIL). Of the total, one per cent will be reserved for employees and 10% for retail subscribers. The company management plans to file the draft red herring prospectus (DRHP) with SEBI for its initial public offer (IPO) by June 2010. The IPO is expected to hit the market in August 2010.

Coal India Limited is the largest coal producing company in the world. The company is a public sector undertaking of the Indian Government. It is involved in coal mining and production industry.The company is a Navratna company of Indian Government.

Coal India Limited (CIL) intends to offer 1% of its equity to its 400000 odd work force spread over its seven subsidiaries and in CIL itself through the Employees Stock Option Scheme. The government is likely to offer 11% of its holding to the public, which would be finally decided by the Cabinet. Coal Minister Sriprakash Jaiswal has recently said the stake to be disinvested could vary between 10-15 percent.

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