It's a Diwali gift from CIL to investors: Coal min
It was a Diwali gift for retail investors of Coal India Limited (CIL), when the company's share got listed at Rs 287.75 and zoomed to a high of Rs 344.75 before settling at Rs 342.35 on the Bombay Stock Exchange today. Coal India (CIL), India's largest coal producing company, has raised Rs 15,200 crore through its IPO at the issue price of Rs 245 a share, at the higher end of the priceband of Rs 225-245. "Our small investors got good listing gains. These investors were allotted shares at Rs 232.75 a share, a discount of five per cent to the final issue price of Rs 245 and now we can see how much they have gained. It will be a rewarding investment for them," CIL chairman, Mr Partha Bhattacharyya told reporters after the listing ceremony at BSE. "It was a historic day not only for Coal India, but for the whole Indian capital market. We are happy with the listing and expect the stock to outperform ahead," Mr Bhattacharyya said. CIL's investors, buyers and sellers will be able to reap gains out of the whole process of CIL's disinvestment, Mr Bhattacharyya said, adding that the company is fundamentally very sound.