Bharat Coking Coal Prepares for IPO to Boost Market Presence

Bharat Coking Coal Ltd (BCCL), a major coal-producing subsidiary of Coal India Ltd (CIL), has begun the process of launching its initial public offering (IPO) by submitting a draft red herring prospectus to the Securities and Exchange Board of India (SEBI), along with filings on Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).

The draft indicates an offer for sale of up to 46.57 crore equity shares by CIL. "The proposed IPO remains dependent on receiving the requisite approvals, market conditions, and other key factors," CIL stated in its regulatory announcement on Saturday.

This strategic move aligns with the government's larger aims of divesting within the coal sector to increase operational transparency and unlock value among its subsidiaries. The announcement comes shortly after BCCL declared its first dividend of Rs 44.43 crore to CIL, marking a significant step following the resolution of its accumulated losses.

(With inputs from agencies.)