Author: Nishtha Mehrotra | EQMint
South Eastern Coalfields Ltd. (SECL), a subsidiary of state-run Coal India Ltd., is preparing for a potential initial public offering (IPO) in Mumbai that could raise as much as $800 million, according to Bloomberg.
SECL has appointed ICICI Securities, SBI Capital Markets, Motilal Oswal Investment Advisors and IDBI Capital Markets & Securities as advisers for the proposed share sale. The company could file its draft prospectus as early as December, according to people familiar with the matter. Coal India is expected to sell shares in the proposed offering.
However, discussions are ongoing and the size and timing of the IPO could change. Coal India, SECL and the appointed banks have not immediately commented on the development.
SECL is one of Coal India’s largest subsidiaries and operates 60 coal mines across Chhattisgarh and Madhya Pradesh. The potential listing comes as Coal India advances plans to take multiple subsidiaries public, with Mahanadi Coalfields also moving ahead with its IPO process.
Disclaimer: This article is for information purposes only and is not investment advice.
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