IPO Watch: State-owned Coal India arm Bharat Coking Coal Ltd (BCCL) has filed its draft red herring prospectus (DRHP) with the capital market regulator, Securities and Exchange Board of India (SEBI), for an initial public offering (IPO).
BCCL, founded with the goal of extracting and providing premium coking coal, is crucial for the country’s steel industry, which depends significantly on the coal supplied by the company for its production and manufacturing activities.
This announcement follows the recent submission of draft documents to SEBI by Coal Central Mine Planning & Design Institute Ltd (CMPDIL), a subsidiary of Coal India, for its initial public offering, as per reports.
Coal India contributes to more than 80% of the coal production in the country.
