New Delhi, Nov. 6 -- Mahanadi Coalfields Ltd (MCL), a subsidiary of state-owned Coal India Ltd, has received approval from the Securities and Exchange Board of India (Sebi) to proceed with its proposed initial public offering (IPO). The development brings the coal producer one step closer to entering the stock market, with the public issue expected to be launched in the second half of November or early December.

According to news agency PTI, citing sources, Sebi issued its final observations on MCL's draft offer documents on November 4. The regulator's observations mark an important milestone in the IPO process, allowing the company to move ahead with preparations for the public issue, subject to applicable regulatory requirements.

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