India's biggest coal producing group and government hold Coal India (CIL) will be heading red herring prospectus (RHP) for its IPO in the coming week, expresses that the spokespersons of the company to CNBC-TV18. The issue will unbolt for subscription by October 18, 2010.

CNBC-TV18 discovered that the IPO price band will be determined in the subsequent week of October and commentator investor resolution will be taken previous to the price band. CIL stated that the EGoM might make a decision on IPO anchor investor by September 30. The RHP of Coal India to be filed in the next week

Coal India slated that it might import 2 MT coal for the Damodar Valley in the coming 45 days and bring in 4 mt coals for NTPC in these 45 days. There are no policies to increase coal prices for the moment.

The group is presenting 63.16 crore equity shares during the issue, which was a proffer for sale by the President of India, performing by way of the ministry of coal, Government of India. The proposal shall comprise of 10% of the post proposal paid-up equity share capital of the firm. The bid will conclude on October 21.

As stated by draft prospectus, CIL is the biggest coal manufacturing group across the globe, established on raw coal fabrication of 431.26 million tons in fiscal 2010.