Kolkata: Maharatna miner Coal India Ltd (CIL) plans to launch the proposed initial public offerings (IPOs) of its two largest coal-producing subsidiaries — South Eastern Coalfields Ltd (SECL) and Mahanadi Coalfields Ltd (MCL) — within the current financial year, with the exact timing depending on market conditions and govt directives.“Regarding IPOs of South Eastern Coalfields and Mahanadi Coalfields, we plan to hold the IPOs by year-end positively. The IPOs will be completed within this current financial year only. The exact month and date will depend upon the market conditions and the government directives, etc,” Coal India chairman and managing director B Sairam said while responding to shareholders’ queries during the company’s annual general meeting.The CIL board has already accorded in-principle approval for the listing of SECL and MCL, Sairam said. Among CIL’s seven coal-producing subsidiaries, MCL and SECL are the two largest in terms of output.Earlier this year, the department of investment and public asset management (DIPAM) approved the proposal to list MCL through a combination of fresh equity issuance and disinvestment by CIL through an offer for sale (OFS). In the last financial year, two CIL subsidiaries — Bharat Coking Coal Ltd (BCCL) and Central Mine Planning & Design Institute (CMPDI) — made successful market debuts.
