Friday October 22, 2010

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By Sam Devraj  ( Assistant Editor )

Black gold: People jostle to invest in the public sector company

COAL India, whose $3.5bn (£) IPO was more than 15 times subscribed, has been asked by the capital markets regulator to offer investors an exit option until October 25 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 AK 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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