Coal India IPO will be up for cabinet nod early May
The initial public offer of Coal India which is likely to hit the markets by July-end will come up for cabinet approval in early May. The inter-ministerial group for Coal India divestment was notified in the second week of April. The Government is divesting 10 per cent of its holding in CIL through the issue. The market buzz is that the shares maybe priced at close to Rs 235. The finance ministry has invited bids for the appointment of lead managers for the IPO. The bids will have to be submitted by 3 May. One per cent of the issue will be reserved for CIL employees and its eight subsidiaries. The IPO is to raise roughly US $ 2.7 billion, depending on the valuation of the company.
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