Coal India plans Rs 3,000cr IPO

Coal India (CIL) has approached the government to float an initial public offer (IPO) of 5% equity to raise up to Rs 3,000 crore.

Sashi Kumar, chairman of CIL, said the company had written to the government for stake dilution, and added this was the right time to hit the market.

"The company would be able to realise 10 times book value if the public offer is made now," Kumar said.