Shares of Coal India Ltd. are in focus on Monday as the company's wholly-owned subsidiary Bharat Coking Coal gears up to launch its IPO, revealing its price band.
Coal India's stock hit a two-month high in early trade, as BCCL announced a Rs 21-23 price band for its public issue set to open on Jan. 9. The counter has since erased its gains to trade in the red.
The Bharat Coking Coal issue is a pure offer-for-sale of up to 46.57 crore equity shares of face value Rs 10 each by Coal India. Post listing, BCCL's shares will trade on the main board of both BSE and NSE.
Anchor investor bidding opens on Thursday, while the IPO will be available for public subscription from Jan. 9 to Jan. 13. Eligible employees under the employee reservation portion will receive a discount of Rs 1 per share.
The IPO includes a reservation of up to 2.32 crore shares for eligible employees and up to 4.66 crore shares for Coal India shareholders.
Bharat Coking Coal Sets Price Band, IPO To Open On Jan 9 — Check DetailsCoal India Share Price Today
The scrip rose as much as 2.06% to Rs 436.70 apiece, the highest level in two months. It pared gains to trade 0.49% lower at Rs 425.80 apiece, as of 10:00 a.m. This compares to a 0.08% decline in the NSE Nifty 50 Index.
It has risen 7.79% in the last 12 months. Total traded volume so far in the day stood at 1.10 times its 30-day average. The relative strength index was at 74.08.
Out of 25 analysts tracking the company, 14 maintain a 'buy' rating, six recommend a 'hold,' and five suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies a downside of 5.7%.
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