Coal India plans to offload up to 661.8 million shares of Mahanadi Coalfields following clearance from India's markets regulator, based on draft papers filed in September. Operating primarily in eastern Odisha, the subsidiary serves as a crucial power resource, accounting for 21% of the nation's domestic coal output and 28.4% of its parent's production in fiscal year 2026. A November report indicated the deal could launch as early as this month to raise as much as $1 billion. This market move aligns with earlier corporate disclosures that outlined potential sales of up to 25% stakes in both Mahanadi Coalfields and South Eastern Coalfields.
Key points
The planned listing joins other major Indian market debuts this year, including offerings…: The planned listing joins other major Indian market debuts this year, including offerings by Jio Platforms and the National Stock Exchange of India.
Coal India previously revealed plans in March to divest up to 25% stakes in Mahanadi Coal…: Coal India previously revealed plans in March to divest up to 25% stakes in Mahanadi Coalfields and South Eastern Coalfields.
The parent producer dominates the domestic energy sector, contributing approximately 74%…: The parent producer dominates the domestic energy sector, contributing approximately 74% of India's total coal output in fiscal 2026.
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Here are some key details:
Earlier in September, draft papers filed with the markets regulator showed the parent Coal India, which is the world's largest coal producer, was selling a 10% stake in Mahanadi Coalfields through the unit's IPO.Coal India is selling up to 661.8 million shares of its unit, the draft prospectus showed.
The unit operates primarily in eastern Odisha and accounted for 21% of India's overall domestic coal production and 28.4% of Coal India's total coal production in fiscal year 2026.
Coal India, which contributed about 74% of India's total coal production in fiscal 2026, had said in March it could sell up to 25% stakes in subsidiaries Mahanadi Coalfields and South Eastern Coalfields through IPOs or other routes.
Bloomberg reported on November 2 that Coal India is preparing to launch an IPO of Mahanadi Coalfields as early as this month, citing sources. The offering could raise as much as $1 billion and value Mahanadi Coalfields at as much as $10 billion, the report added.
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