Coal India Arm CMPDIL Awaits SEBI Nod on IPO Plans

The fate of Coal India subsidiary CMPDIL's Initial Public Offering (IPO) rests upon the approval and guidance from market regulator SEBI. The draft red herring prospectus, filed last month, awaits SEBI's preliminary feedback before the company decides on subsequent actions.

Speaking at a press conference, Chairman-cum-Managing Director Manoj Kumar emphasized the company's commitment to expediting the IPO process, dependent on regulatory clearances. He reiterated CMPDIL's eagerness to advance swiftly as SEBI's comments are received.

CMPDIL's IPO will be an offer for sale, without issuing new shares. Coal India plans to sell up to 7.14 crore shares, with equity shares to be listed on the BSE and NSE. The company continues providing consultancy across various coal-related services.

(With inputs from agencies.)