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Coal India shortlists investment bankers

Indrani Dutta

KOLKATA: Citigroup, Bank of America, DSP Merill Lynch, Morgan Stanley, Enam Securities and Kotak Mahindra are among those shortlisted for getting the job for handling the initial public offer of Coal India Ltd (CIL).

Goldman Sachs, J. P. Morgan, JM Financial and ICICI Securities were also among those shortlisted for arranging the issue.

Altogether 11 investment bankers were shortlisted for managing the initial public offer.

It has been decided that six banks would handle the job which may turn out to be the biggest on the Indian capital market and is being targeted for a launch between end-July and early August. There would be four global bankers and two Indian merchant bankers who would need to operate as a team.

Criteria

The shortlisting took place from among the 20 bids received in response to the request for proposals invited for this purpose by the Disinvestment Department. The qualification criteria included a 70 per cent weightage on technical criteria and a 30 per cent weightage on financial criteria. Information gathered suggested that the bankers had quoted very low prices.

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