IPO of Coal India expected by August

February 20th, 2010 - 1:35 pm ICT by IANS  

Kolkata, Feb 20 (IANS) Coal India Ltd (CIL) is expected to come out with its Initial Public Offer (IPO) of shares by August, a company official said.
“We discussed the tentative timeline with SEBI (Securities and Exchange Board of India) Friday,” Coal India Chairman Partha S. Bhattacharyya said Friday after meeting SEBI officials in Mumbai.

He said the Draft Red Herring Prospectus would be filed by June. The issue of giving shares to staff was also discussed and resolved at the meeting.

City-based CIL had earlier said SEBI has objected giving shares to staff employed in a subsidiary.

CIL is a holding company and most of its staff, including all its mining personnel, are in the payroll of eight subsidiaries, which also own the coal mines.

CIL’s IPO would consist of divestment of 10 percent stake of the government, which now holds 100 percent in the coal mining major.

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