'Consumer trust key for Coal India IPO success'

Oct 26, 2010 |

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Coal Minister Shriprakash Jaiswal has said that the success of the Coal India Initial Public Offering (IPO) is due to the increasing trust of investors in the Company.

Shriprakash Jaiswal said that the steady improvement in performance and quality of Coal India has led to the stupendous response.

"The way Coal India has performed, especially in the past two years; we have increased our production and improved on the quality other than developing safety standards. So, the common investors have developed trust in us, which is a great virtue," said Jaiswal.

"Both the foreign and domestic investors now trust us that Coal India is such a PSU (public sector undertaking) on which they can bet. This is a good thing and we hope we further improve our image," he added, while addressing the media persons after meeting a team of delegates from Belarus here on Monday.

Coal India's IPO, the biggest in the country's history, was subscribed more than 15 times by closing hours on October 21, with the most bids at the top end of Rs 225 to 245 price ranges.

The Government sold 631.6 million shares in the IPO, which received robust response from investors seeking exposure to an economy growing at 8.5 percent.

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