Source :Business Bureau:New Delhi, Oct. 25
The Centre will mop up around Rs 15,200 crore from the Coal India IPO, with the Empowered Group of Ministers (EGoM) on Monday fixing the issue price for the mega share sale at Rs 245 a share. Coal India shares will get listed on November 4.
The issue price has been fixed at the top end of the Rs 225-245 price band. Retail investors will get a five per cent discount, that is, shares will be allotted to this category at Rs 232.75 a share.
“The issue price has been fixed at Rs 245 per share. The Government will raise over Rs 15,000 crore,” Mr Sriprakash Jaiswal, Coal Minister, told reporters here after the EGoM meeting.
Mr Jaiswal said that the IPO was subscribed 15.3 times and the issue had attracted a total of Rs 2.33 lakh crore. The Minister said the Government does not plan to retain funds in excess of Rs 15,200 crore, though the demand for the shares far exceeded the number on offer.
The Centre had in the 10 per cent stake sale offered 63.16 crore shares. There was tremendous response, with the total demand at 960.32 crore shares or nearly 15 times that on offer
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