Coal India strikes rich on Day 2 as well

After a solid 40% appreciation on Day 1 of listing, Coal India is yet in the bulls camp. The stock has now gained another 4% at Rs 356.

The counter so far has seen trades of around 200,000 shares on the BSE.

Yesterday, the stock has seen trades of around 19.29 million shares.

The country's largest IPO had raised Rs 15,199 crore by issuing 631.6 million equity shares. The public sector undertaking Navaranta firm had issued shares at 5% discount or at Rs 232.75 per share to retail investors and eligible employees.

The issue was subscribed 15.28 times, on back of robust response from the qualified institutional bidders (QIBs) and non-institutional investors (NIIs). The reserved portion of QIBs was subscribed 24.7 times, NIIs 25.4 times and retail 2.31 times while employees' portion was subscribed just 0.1 time.

All proceeds went to the selling shareholder, Government of India, whose stake reduced to 89.99% post issue. The offer constituted 10% of the post offer paid-up equity share capital of company.

CIL is the biggest coal producer in the world with a production of 431.26 million tons in 2010. It also holds the highest coal reserves in the world, and produced 81.9% of total coal production in India