The initial public offer of Coal India Ltd (CIL), which is much-awaited by the market, has a possibility of getting shifted to October-end instead of its initial plan of hitting the capital markets by September.

The reason for this probable delay is mostly due to ‘pitri paksh', that is the fortnight preceding Navaratri, which is considered an inauspicious period among many investors in India, especially in Maharashtra and Gujarat from where CIL is hoping to get a chunk portion of its issue proceeds.

October-end is now being regarded as a better option especially with Diwali falling on 5th November this year. And “with Diwali bonuses and festivities lighting up moods, investment decisions can be made easily around this time.” Even for overseas investors too this time will be convenient.

Apart from Ad factors Agency, CIL has approached National Securities Depository Ltd. (NSDL), Central Depository Services (India) Ltd. (CDSL) and Stock Holding Corporation of India Ltd (SHCIL) to enable the employees to open demats accounts. Moreover, rescheduling would also provide time to explain to the employees in some of the remote areas where the CIL mines are located the entire concept, which is quite time consuming.