Coal India: 245 rupee price likely

The Indian government is likely to price state run Coal India’s initial public offering at 245 rupees (£3.51) per share, at the top end of the price range, four sources with direct knowledge of the matter said yesterday. A panel of ministers will finalise the offer price late today, said the sources. Coal India's IPO, the largest in the country's history, was subscribed more than 15 times by close on Thursday, with most bids at the top end of the 225 to 245 rupees price range. At this price, India will raise roughly $3.5 bn for the sale of a 10 per cent stake in Coal India, the world’s largest coal miner. Individual investors and Coal India staff will get a five percent discount on the offer price.