Coal India IPO oversubscribed twice on Day 3

Oct 20, 2010 |

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Mumbai: State-owned Coal India Ltd's mega initial public offer (IPO), which is expected to raise around Rs 15,000 crore, has received demands for more than twice the number of shares on sale, as of afternoon of the third day of the issue today.

The issue attracted bids for 129.35 crore shares, against 63.1 crore equities on offer, as per the data available on the National Stock Exchange.

The issue is priced in the range of Rs 225-245 a share.

The government is divesting 10 per cent stake in CIL - the world's largest coal producer.

At the upper end of the price range, CIL public issue could fetch Rs 15,475 crore, and at the lower end it would garner about Rs 14,211.81 crore.

The offer closes on tomorrow. For institutional buyers the IPO will close on today.

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