South Eastern Coalfields Ltd., a unit of state-run Coal India Ltd., has hired banks for an initial public offering in Mumbai that could raise as much as $800 million, according to people familiar with the matter. The coal producer has appointed ICICI Securities Ltd., SBI Capital Markets Ltd., Motilal Oswal Investment Advisors Pvt. and IDBI Capital Markets & Securities Ltd. to advise on the share sale, the people said, asking not to be identified because the information is private. South Eastern Coalfields aims to file a draft prospectus as early as December, the people said. Parent Coal India is expected to sell shares in the proposed offering, they added. Discussions are ongoing and details including the size and timing of the offering could change, the people said. Representatives for Coal India, South Eastern Coalfields and the banks didn't immediately respond to requests for comment. The potential listing would add to Coal India's efforts to take some of its sub...
Disqualified Lok Sabha member Rahul Gandhi will require a no-objection certificate from the New Delhi Municipal Council before vacating his official bungalow, an official said on Monday.
The New Delhi Municipal Council (NDMC), which looks after water and electricity supplies in these Central Public Works Department bungalows, has been marked a copy of the Lok Sabha Housing Committee's letter asking Mr Gandhi to vacate his accommodation.
"Our role is not related to property but civic amenities. We look into water and electricity supplies in the area… Before vacating the bungalow, Rahul Gandhi will need to take an NOC (no-objection certificate) from the NDMC," the civic official said.
Mr Gandhi was on Monday asked to vacate the government bungalow at 12, Tughlaq Lane by April 22 and follows his disqualification from the Lok Sabha last week.
A local court in Gujarat convicted Mr Gandhi in a criminal defamation case on March 23 and sentenced him to two years in jail. The two-year jail term triggered his disqualification as a Lok Sabha member from the date of the verdict.
The notification for Mr Gandhi to vacate the bungalow was marked to various departments, including the Directorate of Estates.
A senior official said a disqualified Lok Sabha member has to vacate the official bungalow within a month of losing his membership.
Sources said Gandhi can write to the Housing Committee seeking an extension, and the panel can take a decision depending on the validity of the reasons cited by him.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
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