Coal India IPO may offer discount

Sensex

What the govt promised to retail investors some time ago, it is looking to actually deliver.

State-owned Coal India is likely to offer a 5 percent discount on the final IPO price to retail investors and employees of the world's largest coal miner, three sources with direct knowledge of the situation said on Tuesday.

The Indian government is selling roughly 631.6 million Coal India shares, or 10 percent of the company, making it the country's largest initial public offering. The sale opens on Monday and closes on Oct. 21.

Earlier, the chairman of Coal India said a newspaper report an Indian government panel was likely to recommend a price band of 220-240 rupees a share for its IPO was incorrect.

A decision on the price band for the IPO will be taken by a group of ministers later on Tuesday. ($1=44.4 rupees)

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