Kolkata, June 1 (PTI) Bharat Coking Coal Limited (BCCL), Coal India Limited (CIL), a subsidiary ownership company, has filed its draft Red Herring Prospects (DRHP) with Capital Market Regulator SEBI, as well as BSE and NSE, as well as BSE and NSE.
In a regulatory filing on Saturday, CIL stated that DRHP belongs to a proposal (offs) for the sale of 46.57 crore equity shares by Coal India. The IPO is subject to the required approval, the conditions of the market and other ideas, it was added.
The BCCL’s proposed IPO is part of the government’s broader partition strategy in the coal sector, aimed at unlocking the price in subsidiaries and improving operational transparency through market listing.
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The IPO scheme comes after paying its first dividend of BCCL for Rs 44.43 crore. This milestone follows the achievement of cleaning the accumulated loss of BCCL.
Earlier this month, Central Mine Planning and Design Institute Limited (CMPDIL), another CIL-owned subsidiary, also filed its DRHP with its DRHP through the offer—cell route for its proposed IPO.
BCCL is a coal producing subsidiary and CMPDI is a technical branch of Coal India. PTI BSM RG
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