Coal India is seeking to offload up to 66.81 crore equity shares in its subsidiary through a pure offer-for-sale structure that could generate up to $800 million. The entity manages extensive mining infrastructure, operating 53 producing mines across 13 distinct operating areas. For the six months ended September 30, 2026, the company's net profit nearly doubled to ₹2,174.3 crore as revenue advanced to ₹16,593.7 crore.
Key points
All proceeds from the potential $800 million public issue will go straight to Coal India…: All proceeds from the potential $800 million public issue will go straight to Coal India to reduce its stake.
The planned market debut aligns with broader government efforts to monetize Coal India su…: The planned market debut aligns with broader government efforts to monetize Coal India subsidiaries like Mahanadi Coalfields and Bharat Coking Coal.
Leading domestic financial institutions including SBI Capital Markets and ICICI Securitie…: Leading domestic financial institutions including SBI Capital Markets and ICICI Securities have been selected to manage the share sale.
Sources checked by our analysis pipeline: 1
South Eastern Coalfields Ltd (SECL), a subsidiary of state-owned Coal India Ltd, has filed preliminary papers with the Securities and Exchange Board of India (Sebi) to launch its initial public offering (IPO), marking another step in the government's efforts to list coal sector subsidiaries.
The proposed public issue will comprise an offer for sale (OFS) of up to 66.81 crore equity shares by promoter Coal India, with no fresh issue component, according to the Draft Red Herring Prospectus (DRHP) dated November 1.
The IPO could raise as much as $800 million, Bloomberg reported, citing people familiar with the matter.
Since the issue is entirely an OFS, SECL will not receive any proceeds from the public offering. The entire amount raised through the share sale will go to Coal India, which will dilute its stake in the subsidiary.
SBI Capital Markets, ICICI Securities appointed lead managers
SBI Capital Markets, ICICI Securities, IDBI Capital Markets & Securities and Motilal Oswal Investment Advisors have been appointed as the book-running lead managers for the proposed IPO.
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