CIL IPO subscribed 1.7 times on day two

MUMBAI: The Coal India IPO, the largest in the Indian history that is estimated to mobilize nearly Rs 15,500 crore, was oversubscribed on the second day of the offering itself with the total demand already worth over Rs 26,000 crore now.

NSE data showed that compared to 63.2 crore shares that the government is selling in the Coal India offer , total bids were for over 108 crore shares, an oversubscription of 1.7 times. Of these, bids for more than 107 crore shares were at the upper end of the Rs 225-245 price band. On the first day of the issue, subscription was 34%. The subscription for institutional players will close on Wednesday and for other investors on Thursday.

The institutional part of the offer was subscribed 3.4 times the 28.4 crore shares on offer for this group, while the non-institutional part, which include high networth and corporate investors , was subscribed 54% (that is 0.54 times) and the retail part was subscribed 35%, NSE data showed. Institutional dealers said most of the money under the institutional category came from foreign funds, which have already put in nearly $24 billion , a new record, into the Indian stock market so far this year.

Almost all the broking houses that have come out with reports on the IPO have given a "subscribe" rating to the offering, since most believe there is an upside to the stock price at the time of listing and thereafter.

The IPO for the world's largest coal producer is part of the government's larger divestment programme.

Read more: CIL IPO subscribed 1.7 times on day two - The Times of India http://timesofindia.indiatimes.com/business/india-business/CIL-IPO-subscribed-17-times-on-day-two/articleshow/6778325.cms#ixzz12rsfPcN3

Jill to do Dandi March for charity

WARDHA: Eighty years after Mahatma Gandhi led the historic Dandi march, walking 390 kilometres from Sabarmati Ashram in Ahmedabad to the coastal town of Dandi in Gujarat, a British social activist plans to do the same.

While Gandhi walked this weary distance as a symbolic gesture of defiance towards the British salt tax law, Jill Beckingham, 60, will be doing so to raise funds. The money she generates will be used for the betterment of leprosy patients, tribals, hearing impaired as well as for a school next to a garbage dump in Mumbai.

After starting on November 18, Jill aims to complete the walk in 14 days, taking 10 days fewer than Gandhi who started the march on March 12, 1930. "It will be quicker as unlike Gandhiji, I won't have speeches to deliver on the route," she told TOI from Mumbai. "If Gandhi could do it at 61, why can't I do it 60," said Jill.

Jill is the wife of the British deputy high commissioner (Western India) Peter. "Though not an official affair, some representatives of the high commission would also be present for the walk," said Peter in Wardha on Tuesday. He announced the plan during the inaugural function of a joint meeting between the British High Commission and Indian department of science on bridging the rural and urban divide, both in India and the UK.

"Jill has already walked a distance of 60 miles from London to Brighton for raising money. Now, as she is working in India, a group of British scholars in Vadodara asked her to take up the cause of leprosy patients. Dandi was chosen on account of its historical importance," Peter said.

Read more: Jill to do Dandi March for charity - The Times of India http://timesofindia.indiatimes.com/india/Jill-to-do-Dandi-March-for-charity/articleshow/6778223.cms#ixzz12rrnOPmJ