Citigroup (NYSE:C), Bank of America (NYSE:BAC), Morgan Stanley (NYSE:MS) Managing 'Coal India' IPO

Citigroup (NYSE:C), Bank of America (NYSE:BAC) and Morgan Stanley (NYSE:MS) will be among the financial institutions managing the initial public offering of Coal India, which is expected to raise up to $3 billion. The IPO is scheduled for October 18.

Assuming the approximate 632 million shares being offered are sold, it the $3 billion raised would be the largest IPO by a company in India.

The government of India has plans in place to sell stakes in close to 60 companies run by the state in order to tackle high deficits in the country. The divesting will be spread over the next several years.

In their fiscal 2011 year, they hope to raise up to $8.6 billion.

Also participating in the management of the IPO are Kotak Mahindra Capital, Enam Securities and Deutsche Bank (NYSE:DB).