Merrill Lynch, Morgan Stanley, 482 others get CIL IPO share

NEW DELHI: Leading institutional investors like Merrill Lynch, Morgan Stanley, Citi Group are among 484 foreign institutional investors who were allocated shares of Coal India through the IPO, which raised about Rs 15,200 crore for the government, Parliament was informed today.

"Total 484 Foreign Institutional Investors (FIIs) have been allotted the shares (through the IPO)," Coal Minister Sriprakash Jaiswal said in a written reply to the Rajya Sabha.

Jaiswal said that 25 major investors out of the total participants of the public offering, which was oversubscribed 15.14 times, included names of Merrill Lynch, Deutsche Securities, Morgan Stanley, Citi Group, Goldman Sachs, CLSA, Credit Suisee, Government of Singapore.

The FIIs submitted bids worth Rs 1.20 lakh crore for the mega IPO which led to oversubscription of shares by such category of investors by 24.70 times. Overall, the IPO, in which the government sold is 10 per cent share in its wholly-owned company, generated bids worth Rs 2.35 lakh crore.

"The amount raised by the government of India through this disinvestment is Rs 15,199.44 crore," Jaiswal said.

Coal India shares today closed at Rs 317.20 a share, down 0.84 per cent on the Bombay Stock Exchange as against the previous close.

In a separate response, Jaiswal said the proceeds of the IPO went to the Centre and the company did not raise any equity from the public offering. "The debt-equity ratio of CIL (consolidated) as on March 31, 2009 is 0.31:1," he added.