Coal India plans to raise $3.5 billion from its IPO that starts next week. On Wednesday chairman Partha Bhattacharyya said that besides raising money on the markets, the company would reserve $1.2 billion for foreign acquisitions in the current fiscal. On Tuesday the government had set a price band of Rs225-245 per share. Coal India plans to cash in on growing electricity demand in India, where 75% of all electricity output is coal-fired.
Standard Chartered bank is raising billions to fund expansion plans. It has launched a rights issue worth $5.3 billion. Standard Chartered will issue one fresh share for every eight existing ones. It also says the new rights issue will help it meet new Basel III rules for banking.