Coal India IPO's institutional portion fully subscribed

Coal India Ltd's Rs15,000-crore (about $3.4 billion) initial public offer, which opened for subscription on Monday, was fully subscribed for its institutional portion by afternoon, according to stock exchange data.

The CIL issue got off to a flying start in the morning trade on bourses with investors bidding for 9 to 13 per cent of the shares on offer in the first two hours of trading itself.

The mega issue of 631.64 million shares received subscriptions for over 56.85 million shares in the morning trade itself.

The bids were mostly in the higher end of the Rs225-245 price band of the share issue, stock exchange data showed.

The IPO will close for subscription by qualified institutional investors, including FIIs, insurance firms and mutual funds, on Wednesday and for others on Thursday.