Coal India Updates Exchanges On IPO Plans For Subsidiaries BCCL And CMPDI

Coal India Ltd. has informed the stock exchanges on Tuesday evening that activities related to the listing of its two subsidiaries are underway.

Lead bankers for the initial public offerings of Bharat Coking Coal and Central Mine Planning and Design Institute have been appointed, the government-backed miner said in a notice to the exchanges.

"DRHP is under preparation and further update will be provided once filing is made in accordance with applicable law," the company added.

On May 19, Debasish Nanda, Coal India's director of business development had said, "We are going to file DRHP soon. We are working on that." He was speaking to reporters on the sidelines of CII's Mining and Construction Equipment Summit.

Currently, the firm has seven coal-producing subsidiaries and one technical and consultancy company. Coal India accounts for over 80% of the country's domestic coal production.

The coal ministry had earlier said the listing of both BCCL and CMPDI will take place, but the timing will depend on market conditions.