Kolkata, Jun 1 (PTI) Bharat Coking Coal Ltd (BCCL), a wholly-owned subsidiary of Coal India Ltd (CIL), has filed its draft red herring prospectus (DRHP) with capital market regulator SEBI, as well as BSE and NSE, for its proposed initial public offering.
In a regulatory filing on Saturday, CIL said the DRHP, pertains to an offer for sale (OFS) of up to 46.57 crore equity shares by Coal India. The IPO remains subject to receipt of necessary approvals, market conditions, and other considerations, it added.
The proposed IPO of BCCL is part of the government’s broader divestment strategy in the coal sector, aimed at unlocking value in subsidiaries and improving operational transparency through market listing.
The IPO plan comes after BCCL paid its maiden dividend of Rs 44.43 crore to CIL. This milestone follows BCCL’s achievement of clearing its accumulated losses.
Earlier this month, Central Mine Planning and Design Institute Ltd (CMPDIL), another wholly-owned subsidiary of CIL, also filed its DRHP with SEBI for its proposed IPO via the offer-for-sale route.
BCCL is a coal-producing subsidiary and CMPDI is a technical arm of Coal India. PTI BSM RG
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