Latest News | Coal India Arms BCCL Files IPO Papers
Get latest articles and stories on Latest News at LatestLY. State-owned CIL arm Bharat Coking Coal Ltd (BCCL) has filed draft papers with market regulator Sebi for its initial public offering.
New Delhi, Jun 1 (PTI) State-owned CIL arm Bharat Coking Coal Ltd (BCCL) has filed draft papers with market regulator Sebi for its initial public offering.
The issue will be entirely an offer for sale, as BCCL will not issue any fresh shares. Coal India Ltd (CIL) plans to sell up to 46.5 crore shares.
"The draft red herring prospectus...of Bharat Coking Coal Ltd was filed with SEBI, BSE and NSE," CIL said in a filing to BSE. DRHP is a preliminary document that a company files with Sebi for a public offer.
"The DRHP filing pertains to the proposed initial public offering (IPO) of BCCL comprising an offer for sale of up to 465,700,000 equity shares by Coal India Limited, which remains subject to receipt of applicable approvals, market conditions, and other relevant considerations," the company said.
BCCL, established with a mandate to mine and supply high-grade coking coal, plays a pivotal role in fuelling the nation's steel sector, which relies heavily on the company's coal for production and manufacturing processes.
The development comes days after CIL arm Coal Central Mine Planning & Design Institute Ltd (CMPDIL) filed draft papers with Sebi for its initial public offering.
Coal India accounts for over 80 per cent of domestic coal output.
CIL has reported a 12 per cent rise in consolidated net profit at Rs 9,604.02 crore for March quarter 2025 on the back of higher income. The company had posted a net profit of Rs 8,572.14 crore in the year-ago period.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)