South Eastern Coalfields, Mahanadi Coalfields IPO by year-end: CIL CMD ...Middle East

Coal India Ltd (CIL) Chairman and Managing Director B Sairam on Monday said the initial public offerings (IPOs) of two of its largest subsidiaries, South Eastern Coalfields Ltd (SECL) and Mahanadi Coalfields Ltd (MCL), will be completed within the current financial year. Responding to questions from shareholders and stakeholders during an interaction, Sairam said the exact timeline would depend on market conditions and government directives. "... regarding the IPO of SECL and Mahanadi Coalfields Limited. We plan to complete the IPO by the year-end positively. Its IPO will be completed in this current financial year only. The exact month and date will depend upon the market conditions and the government directives, etc," Sairam said. CIL's board had in March this year accorded in-principle approval for divestment of up to 25 per cent equity stake each in SECL and MCL through an offer for sale (OFS), along with issuance of fresh equity shares by SECL of up to 10 per cent of its ...

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