CIL IPO in October

Coal India (CIL) will come out with its initial public offering (IPO) between October 18-21, the company’s chairman Partha S Bhattacharyya said here on Saturday. “The IPO is on track and is not being delayed any further,” he said, adding that the draft red herring prospectus for the issue is to be approved by the board of CIL on August 5. CIL, among the first largest coal miners, is slated to hit the market as part of the governments’ plan to raise an estimated Rs 40,000 crore through disinvestment in public sector undertakings this fiscal. However, preceding large public offerings, such as NTPC, NMDC and REC, have elicited a lukewarm response from the markets earlier this year.