Coal India, the PSU behemoth
Coal India Ltd (CIL) on Monday launched its mega initial public offer to raise around Rs 15,000 crore.
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Coal India Ltd (CIL) on Monday launched its mega initial public offer to raise around Rs 15,000 crore.
The Navratna PSU produces non-coking coal and coking coal of various grades for diverse applications. It operates in 471 mines in 21 major coalfields across eight states in India, including 163 open cast mines, 273 underground mines and 35 mixed mines. -
The government is divesting 10 per cent stake in CIL, the world's largest coal producer. The IPO is priced in the range of Rs 225 to Rs 245 per share. The offering, the largest IPO so far in India, closes on October 21. For qualified institutional buyers, which include FIIs, insurance firms and mutual funds, the IPO will close on October 20.
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As of April 1, 2010, CIL had total coal resources of 64,786 million tonne, comprising, pursuant of ISP classifications, Proved Geological Reserves of 52,546 million tonne, Indicated Geological Reserves of 10,298 million tonne and Inferred Geological Reserves of 1,942 million tonne.
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The company is looking at acquisitions in the US, Australia and South Africa, for which it will invest Rs 6,000-crore ($1.2-billion) this fiscal. Nationally, it plans to expand its operations in North-East India by starting two open cast mines in upper Assam's Margherita of Tinsukia district. The two mines were together expected to produce 1.5 to 1.6 million tonne annually.
