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Coal India gives investors exit option until 25 Oct

Coal India gives investors exit option until 25 Oct
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First Published: Fri, Oct 22 2010. 09 54 AM IST
Updated: Fri, Oct 22 2010. 09 54 AM IST
New Delhi: Coal India Ltd (CIL), whose $3.5 billion IPO was more than 15 times subscribed, has been asked by the capital markets regulator Sebi to offer investors an exit option until 25 October after errors were pointed out in its prospectus, the state-run company’s chairman said.
Partha Bhattacharyya said figures were “interchanged” in two places and termed them as “typographical errors”.
Finance director A.K. Sinha said accretion in stock and other income got interchanged in the company’s standalone financial statement printed in the prospectus and it had no impact on the company’s total income and profit figures.
Asked if the exit option would have any impact on the subscriptions, Bhattacharyya said: “This is a trivial kind of a thing. We wanted to abide by the regulation. “I don’t see any impact.”
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First Published: Fri, Oct 22 2010. 09 54 AM IST
More Topics: Coal India | Sebi | Investors | IPO | Money Matters |