Mahanadi Coalfields Limited (MCL), one of India’s largest coal producers and a wholly owned subsidiary of Coal India Limited, has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI), paving the way for its proposed initial public offering (IPO).
The proposed IPO comprises an offer for sale (OFS) of up to 661,836,300 equity shares, each with a face value of Rs 2, by promoter Coal India Limited. Since the issue is entirely an OFS, the proceeds from the share sale will accrue to the selling shareholder rather than the company.
