The chairman of state-owned Coal India Ltd said a newspaper report that a government panel was likely to recommend a price band of Rs 220-240 a share for its IPO was incorrect.
"This information is incorrect," Partha Bhattacharya told Reuters, adding no decision on the price band for the initial public offering by the world's largest coal miner has been taken yet.
The Economic Times had reported on Tuesday, citing officials with the knowledge of the development, that a government panel had decided on the Rs 220-240 a share price band that could raise up to $3.4 billion after feedback from overseas roadshows for the offering.
A final decision on the price band will be taken by a group of ministers later on Tuesday.
The government is selling roughly 631.6 million Coal India shares, or 10 percent of the company, making it the country's largest initial public offering. The offering opens on Monday. ($1=44.4 rupees)