{
  "id": 10337888,
  "title": "Coal India Unit SECL said to hire banks for $800 million IPO",
  "url": "https://urgent.news/2026/09/28/coal-india-unit-secl-said-to-hire-banks-for-800-million-ipo",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-09-28T02:10:32.000Z",
  "source": {
    "name": "Hindu BusinessLine",
    "slug": "hindu-businessline",
    "url": "https://www.thehindubusinessline.com/markets/coal-india-unit-secl-said-to-hire-banks-for-800-million-ipo/article71518166.ece"
  },
  "original_language": "en",
  "account": "South Eastern Coalfields Ltd., a subsidiary of state-owned Coal India Ltd., has engaged banks for an initial public offering in Mumbai that could raise up to $800 million, according to sources familiar with the situation. The coal producer has enlisted ICICI Securities Ltd., SBI Capital Markets Ltd., Motilal Oswal Investment Advisors Pvt., and IDBI Capital Markets & Securities Ltd. to assist with the share sale. These institutions have been approached on the condition that their identities remain undisclosed due to the sensitive nature of the information. South Eastern Coalfields intends to submit a draft prospectus as early as December, according to the sources. The parent company, Coal India, is also anticipated to participate in the proposed offering, though specifics such as the size and timing of the sale may undergo alterations as discussions progress, the sources noted. Public inquiries have not yet been addressed by the representatives of Coal India, South Eastern Coalfields, or the banking entities involved. This potential listing would complement Coal India's strategy of taking select subsidiaries public. Another subsidiary, Mahanadi Coalfields Ltd., had already filed a draft prospectus with India's securities regulator earlier this month. The planned IPO would also contribute to a crowded pipeline of Indian share sales as businesses seek to capitalize on India's expanding domestic capital market. South Eastern Coalfields represents one of Coal India's largest subsidiaries, operating 60 coal mines across central India, with 35 located in Chhattisgarh and the remaining 25 in Madhya Pradesh, as per its website.",
  "summary": "The coal producer has appointed ICICI Securities, SBI Capital Markets, Motilal Oswal, and IDBI Capital Markets to advise on the share sale",
  "key_points": [
    "SECL hires four banks for $800 million Mumbai IPO",
    "Draft prospectus to be submitted by December",
    "Coal India to potentially participate in the offering"
  ],
  "editors_take": "This development fits Coal India's strategy of taking select subsidiaries public, following the recent draft prospectus filing by another subsidiary, Mahanadi Coalfields Ltd., with India's securities regulator.",
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}