State-owned miner Coal India (CIL) today filed the draft papers for its initial public offer (IPO) in October, billed to be India's biggest issue, through which the government expects to raise up to Rs 15,000 crore.
"We have filed the papers (draft red herring prospectus) with market regulator Sebi during the day for the upcoming IPO," CIL Chairman Partha S Bhattacharyya told PTI here.
The mega issue of CIL would hit the market between October 18 and 21.
The government is looking to raise between Rs 12,000 crore and Rs 15,000 crore through the share sale, sources said.
The Union Cabinet had approved disinvestment of 10 per cent of the government's holding in CIL.
The Centre holds 100 per cent equity in the company.
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Coal India produced 431.5 million tonnes of coal in the last fiscal. The country's coal output stood at 531.5 million tonnes in 2009-10.
The government had inducted two more independent directors on the CIL board last week which was necessary for getting regulatory approval for the proposed IPO.
With these appointments, the CIL has achieved the much needed compliance of Clause 49 of the listing norms requiring 50 per cent independent directors on the board.