Coal India on December 23 announced that its board has given in-principle approval to list two of its subsidiaries – Mahanadi Coalfields Limited (MCL) and South Eastern Coalfields Limited (SECL).
The proposed listing of the two subsidiaries are subject to many regulatory approvals, the Indian PSU company said in the post market hours of Tuesday.
This comes after the Ministry of Coal on December 16 had advised Coal India to take concrete steps to ensure further listing of the two subsidiaries in the upcoming financial year 2027.
South Eastern Coalfields (SECL) is a Mini Ratna public sector enterprise. Till date, 73 major coal projects have been approved for SECL for a total ultimate capacity of 30.28 crore tonnes per annum with sanctioned capital of Rs 44,571 crore. A total of 30 projects out of the 73 are ongoing, while 38 projects are completed and five underground blocks are existing mines.
SECL produced 16.75 crore tonnes of coal in 2024-25. Coal reserves of the public sector enterprise are spread over Chhattisgarh and Madhya Pradesh.
Mahanadi Coalfields Limited (MCL) was carved out of South Eastern Coalfields Limited in 1992 with its headquarters at Sambalpur. It got its Miniratna status in 2019.
Earlier during the day, the shares of the company jumped nearly 4 percent to close at Rs 400.65 apiece after reports said its subsidiary is planning to launch IPO soon. The PSU firm's unit Bharat Coking Coal (BCCL) is likely to hit the primary market with Rs 1,300-crore IPO within the next two weeks, ET Now reported.
The proposed public issue is expected to be a pure offer for sale, with Coal India planning to offload around 10% of its equity stake in BCCL, according to the report.
Moneycontrol couldn't independently verify the report.
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