Coal India Re225.57 billion share sale (BSE/NSE)

Overview:

• India's Ministry of Coal has offered 10% of shares in Coal India in what is the third largest equity offer ever undertaken on the Indian local market.
• The value of the offer is Re225.57 billion.
• The shares were listed on the Bombay (BSE) and National (NSE) stock exchanges.
• Credit Suisse Securities, Deutsche Equities India, Bank of America Merrill Lynch, Goldman Sachs Securities, JM Financial Institutional Securities, Kotak Securities and SBICAP Securities acted as brokers and underwriters on the deal.
• The sale is part of the Government of India's wider plan to raise $10 billion through the sale of minority stakes in state owned companies.
• Coal India is the largest coal miner in the world.
• Khaitan & Co and Herbert Smith Freehills (Siddhartha Sivaramakrishnan, Philip Lee) acted for the Ministry of Coal.
• Legacy Amarchand Mangaldas (Prashant Gupta, Sayantan Dutta, Manjari Tyagi) and Cleary Gottlieb Steen & Hamilton acted for the brokers.