Coal India issue priced at Rs 245

The government on Monday fixed Coal Indias mega IPO issue price at Rs 245 per share,the upper end of initial offer price range.

The government would fetch over Rs 15,000 crore by issuing 63.16 crore shares of Coal India at a price of Rs 245 per share. It will offer a discount of 5% to retail investors.

The issue price has been fixed at Rs 245 per share. The government will raise over Rs 15,000 crore, coal minster Sriprakash Jaiswal said after a meeting of the empowered group of ministers (eGoM),headed by finance ministers Pranab Mukherjee.

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It was a grand success. It happened for the first time in the history of India,Jaiswal added. esides Jaiswal and Mukherjee,home minister

P Chidambaram and Planning Commission deputy chairman Montek Sigh Ahluwalia were the also part of the eGoM.

The board of Coal India meeting is on to approve the issue price. The company is expected to list on stock exchanges on November 4,with some fireworks a day before Diwali. Coal Indias initial public offer,which closed on October 21,made history by getting oversubscribed by 15.17 times mopping up Rs 2,35,290 crore.

The IPO,which had a price band of Rs 225-245 per share,garnered total demand for over 960.36 crore shares,as against 63.16 crore on offer.