CMPDI IPO: Coal India’s arm files drafts papers for IPO to raise funds

According to the official sources, state-owned Coal India’s subsidiary Central Mine Planning and Design Institute Ltd has filed draft papers with stock market regulator SEBI to issue Initial Public Offering (IPO) for the funds raise. Meanwhile, Coal India is yet to publicly file papers for BCCL.

The filing has been made with BSE and NSE.

The exchange filing stated that DRHP filing pertains to the proposed initial public offering of CMPDIL comprising an offer for sale of up to 71,400,000 equity shares by Coal India Limited, which remains subject to receipt of applicable approvals, market conditions, and other relevant considerations.

This issue is subject for entirely an offer for sale, as CMPDIL will not issue any fresh shares. According to the issued draft prospectus, Coal India is planning to sell up to 7.14 crore shares as mentioned above.

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Central Mine Planning is a public sector undertaking and offers consultancy services for mine planning, coal and mineral exploration and is the largest coal and mineral consultancy in India, according to the draft papers issued.

SBI Capital Markets and IDBI Capital Markets and Securities are the book-running lead managers to the IPO. Activities related to listing of CMPDIL and Bharat Coking Coal Ltd (BCCL) ”are in progress”, according to a recent statement from Coal India.

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