South Eastern Coalfields Ltd. (SECL), a wholly owned subsidiary of Coal India Ltd., has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for a proposed initial public offering. The proposed issue comprises an offer for sale of up to 66.81 crore equity shares by Coal India.
Since the proposed offering is an offer for sale, the shares will be sold by the existing promoter rather than being newly issued by SECL. The proposed listing is expected to provide public-market access to the coal-producing subsidiary and create an opportunity for investors to participate in its business.
The IPO is still at the draft-filing stage. The price band, issue dates and final offer details have not yet been confirmed. These will depend on regulatory progress and subsequent company announcements.
