The planned public issue consists entirely of an offer for sale by Coal India of up to 66.18 crore equity shares. This transaction represents a 10 percent stake in its subsidiary, Mahanadi Coalfields. The parent company filed the red herring prospectus, dated November 13, with the Registrar of Companies, SEBI, the BSE, and the NSE. However, the final launch of the offering remains dependent on prevailing market conditions and obtaining the necessary regulatory approvals.
Key points
The planned listing reflects Coal India's strategic push to unlock value by taking its ke…: The planned listing reflects Coal India's strategic push to unlock value by taking its key operating subsidiaries public.
The document has been submitted across key oversight bodies, including the Registrar of C…: The document has been submitted across key oversight bodies, including the Registrar of Companies, SEBI, BSE, and NSE.
Execution of the initial public offering is still subject to prevailing market conditions…: Execution of the initial public offering is still subject to prevailing market conditions and relevant regulatory approvals.
Sources checked by our analysis pipeline: 1
The RHP, dated November 13, was filed with the Registrar of Companies (RoC), the Securities and Exchange Board of India (SEBI), the BSE and the NSE, Coal India said in a regulatory filing.
The proposed IPO comprises an offer for sale (OFS) of up to 66.18 crore equity shares by Coal India, representing 10 per cent of its stake in the subsidiary. The issue is estimated to fetch around Rs 9,500 crore.
The proposed public issue remains subject to receipt of applicable approvals, market conditions and other relevant considerations, the filing said.
The IPO is part of Coal India's efforts to unlock value in its subsidiaries through stake sales and their listing on stock exchanges.
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