South Eastern Coalfields, Mahanadi Coalfields IPOs Likely By Year-End: Official

Kolkata - Coal India's top executive, B Sairam, announced on Monday that the IPOs of the company's two major subsidiaries, SECL and MCL, will be finalized within the current fiscal year. Speaking at the annual general meeting (AGM), Sairam stated that the precise timeline for the IPOs would hinge on market conditions and government guidelines.

He clarified that the IPOs for South Eastern Coalfields Ltd (SECL) and Mahanadi Coalfields Limited (MCL) will be concluded positively by the end of the financial year. Sairam emphasized that the actual launch date would be determined by these external factors. Earlier this month, the Board of Control for Cricket in India (BCCL) witnessed an IPO subscribed 146 times, clearing the path for the upcoming market debuts of Mahanadi and SECL Coal Ltd. The Coal India Limited (CIL) board had previously granted provisional approval in March for the sale of up to 25 percent equity in SECL and MCL through an offer for sale (OFS), in addition to issuing up to 10 percent of SECL's post-issue paid-up capital via an IPO.

The anticipated public offering for MCL is projected to be around Rs 10,000 crore, although the exact offer size and structure will be determined closer to the listing. SECL's IPO is also expected to generate between Rs 8,000 and Rs 10,000 crore, according to market projections. The listings of these subsidiaries, which are among the largest coal producers under CIL, accounting for roughly half of the company's total output, come after the successful initial public offerings (IPOs) of CMPDI and BCCL earlier this year.