New Delhi, Nov. 5 -- Odisha-based Mahanadi Coalfields Ltd (MCL), a wholly owned subsidiary of Coal India Ltd, has received approval from the SEBI to launch its initial public offering (IPO).
The company filed its Draft Red Herring Prospectus in September 2026. The IPO is an offer-for-sale of up to 661,836,300 shares with a face value of Rs 2 each by promoter Coal India.
Under the book-building process, up to 50 per cent of the net offer will be allocated to qualified institutional buyers, 15 per cent to non-institutional bidders and 35 per cent to retail individual bidders.
Incorporated on April 3, 1992, MCL is India's largest coal producer, accounting for 22.40 per cent of the country's non-coking coal production. Its output stood at 218.31 million tonnes in FY26, representing 28.3 per cent of Coal India's production.
The company operates 17 mines, including 14 opencast and 3 underground mines, across Odisha's Talcher and Ib Valley coalfields. Its audited coal reserves stood at 9,840.31 MT as of April 1, 2026, sufficient for around 45 years at current production levels.
Revenue from operations rose to Rs 8,033.7 crore in the June 2026 quarter from Rs 7,548.3 crore, while net profit declined to Rs 2,398.7 crore from Rs 2,448.3 crore.
The shares will be listed on NSE and BSE.
Published by HT Digital Content Services with permission from Millennium Post.