• Source:JND
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Bharat Coking Coal Ltd (BCCL), the state-owned CIL subsidiary, has submitted draft documents for its IPO to market watchdog Sebi. Since BCCL will not be issuing any new shares, the issue will be purely an offer for sale. Up to 46.5 crore shares may be sold by Coal India Ltd. (CIL).

In a filing to the BSE, CIL stated that the draft red herring prospectus of Bharat Coking Coal Ltd had been submitted to SEBI, the BSE, and the NSE. A company files a DRHP, or preliminary report, with Sebi in preparation for a public offering.

"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.

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Founded with the goal of mining and supplying high-grade coking coal, BCCL is essential to the country's steel industry, which depends largely on the company's coal for manufacturing and production processes.

This comes just days after Coal Central Mine Planning & Design Institute Ltd. (CMPDIL), a division of CIL, submitted draft documents for its IPO to Sebi.

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More than 80% of the country's coal production comes from Coal India.

Due to increased revenue, CIL reported a 12% increase in consolidated net profit for the March quarter of 2025, totalling Rs 9,604.02 crore. In the previous year, the company reported a net profit of Rs 8,572.14 crore.

(With Inputs From PTI)