India, March 24 -- In December last year, the board of CIL had accorded in-principle approval for the listing of South Eastern Coalfields (SECL).
Accordingly, at the meeting held yesterday, CIL's board has approved the divestment of up to 25% of equity shares held by Coal India in SECL through offer for sale (OFS), along with issuance of fresh equity shares of SECL aggregating up to 10% of the post issue paid-up equity share capital,
The proposed transaction would be executed in one or more tranches, through Initial Public Offer (IPO) or other permissible market routes in the domestic market.
The approved proposal would be routed through the Ministry of Coal for further processing with DIPAM. The completion of this transaction remains...