Coal India IPO priced at Rs225-245 per share

The government has set a Rs225-245 price band for the initial public offer of state-run Coal India Ltd, which is expected to raise over Rs15,000 crore (around $3.5 billion).

Coal India will sell 631.6 million equity shares, comprising 10 per cent of the post offer paid-up equity share capital of the company, in the largest IPO by an Indian company.

Post issue, the government's stake in Coal India will be 89.99 per cent.

The government is selling a 10 per cent stake in Coal India, the world's largest coal miner, union minister for coal Sriprakash Jaiswal said today.

There would be no anchor investor in the IPO and the whole proceeds of the share sale would go to the divesting shareholder (Government of India).

The IPO will open on 18 October and close on 21 October.