New Delhi, March 24 -- Coal India Limited on Monday, March 23 gave the green light to preliminary plans to partially sell stakes in two of its major subsidiaries-South Eastern Coalfields Limited (SECL) and Mahanadi Coalfields Limited (MCL)-as part of its larger strategy for listing.

The board sanctioned a proposal to divest up to 35% in SECL, which includes a 25% stake sale through an Offer for Sale (OFS) and the issuance of new equity shares of up to 10% via an IPO or other allowed methods, to be carried out in one or multiple tranches.

Furthermore, it approved a 25% stake sale in MCL through OFS, similarly to be conducted via an IPO or other market avenues.

The company had previously authorized the separate listings of both subsidiar...