Monday, October 18, 2010

Citigroup (NYSE:C), Bank of America (NYSE:BAC), Deutsche Bank (NYSE:DB), ENAM Securities Underwriters on Coal India IPO

Citigroup (NYSE:C), Bank of America (NYSE:BAC), Deutsche Bank (NYSE:DB) and ENAM Securities are lead underwriters for the IPO of Coal India, which is expected to raise about $3 billion for the company.

Coal India, which is the largest coal producing company in the world, generated about $10 billion in revenue in 2009, mostly from non-coking coal, which is sold to the larger power generators in the Asian country.

Over 50 percent of the energy needs of India is provided by coal.

Coal India has an estimated 64 billion tons of overall coal resources, with 11 billion tons of proven reserves.

The coal mining company is owned by the Indian government.

No comments: