CRISIL Assigns Grade ‘5 5’ To Coal India s IPO Of 631 636 440 Equity Shares (06-Sep-2010)
Indian-Commodity : Ipo : CRISIL Assigns Grade ‘5 5’ To Coal India s IPO Of 631 636 440 Equity Shares
State-owned Coal India’s initial public offer (IPO) of 631,636,440 equity shares to raise up to Rs 15000 crore, has been assigned a Grade 5/5 in Crisil’s reseach report dated September 03, 2010. This grade indicates that the fundamentals of the IPO are strong relative to the other listed equity securities in India.
The IPO would open for subscription on October 18 and close on October 21.The government through this offer will be divesting 10% of its stake in the company. The offer comprises a net offer to public of 568,472,796 equity shares and a reservation of 63,163,644 equity shares for subscription by eligible employees. The offer shall constitute 10.00% of the post offer paid-up equity share capital of the Company.
The book running lead manger to the issue are Citigroup Global Markets, Deutsche Equities, DSP Merrill Lynch, Enam Securities, Kotak Mahindra Capital Company, Morgan Stanley India Company.Link Intime India is the registrar to the offer. The objects of the offer is to carry out the divestment of 631,636,440 Equity Shares by the Selling Shareholders.
Some other PSU offerings evaluated by Crisil, have got lower grades than CIL. According to records available, Oil India IPO got 4 out of 5, REC has got only 3 out of 5, GSPC got 4 out of 5, RITES got 3 out of 5 and the proposed IPO of UTI AMC has got 4 out of 5. Among the non PSU offers, the much talked about IPO of Reliance Power, which broke all the records of oversubscription, has got 4 out of 5. The only other proposed IPO that was graded 5 out of 5 was of Multi Commodity Exchange.
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