Upcoming IPO: Coal India board approves selling 25% each in units South Eastern Coalfields, Mahanadi Coalfields
Coal India Limited on Monday, March 23 gave the green light to preliminary plans to partially sell stakes in two of its major subsidiaries—South Eastern Coalfields Limited (SECL) and Mahanadi Coalfields Limited (MCL)—as part of its larger strategy for listing.
The board sanctioned a proposal to divest up to 35% in SECL, which includes a 25% stake sale through an Offer for Sale (OFS) and the issuance of new equity shares of up to 10% via an IPO or other allowed methods, to be carried out in one or multiple tranches.
