Tuesday, October 12, 2010
The price band for the eagerly awaited initial public offer (IPO) of India's largest coal producing company, Coal India (CIL) has been fixed at Rs 225-245 a share.
Retail Investors will get 5% discount on the offer price.
The government expects to raise over Rs 15,000 crore through the IPO, which will be largest ever amount raised by an Indian company via offering. And, Jaiswal said, we would not rope in anchor investors in the IPO.
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 IPO is set to open for subscription on October 18 and will close on October 21, 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 is also the largest coal reserve holder in the world (Source: CRISIL Research) based on reserve base as of April 1, 2010.
Thursday, October 7, 2010
Issue Opens : October 18th.
Issue Closes : for QIBs on October 20th, for Retail & HNI on October 21st
Price Band : To be announced on October 13th
Application lot size : To be announced on October 13th
Retail Discount : To be announced on October 13th
Credit of Shares : November 1st/2nd
Refund of funds : November 2nd
Listing / Trading : November 4th
Issuer : Govt of India
Transaction : IPO
Share Type : 100% Secondary
Vendor : Government of India (Acting through Ministry of Coal)
Issue Size : 631,636,440 Equity Shares
Employee Resv : 63,163,644 equity shares
Net Offer to Public : 568,472,796 equity shares
Tranche Split : 50% to QIBs
35% to Retail
15% to HNIs
Bookrunners : Citi, BoAML, Enam, DB, Kotak, MS Maximum number of shares that can be applied for by a QIB : 568,472,796 shares However, if a FII is investing on behalf of its sub account which is a foreign corporate or an individual : 315,818,220 shares