CIL, the state-owned coal company, announced that it plans to sell a 25 percent share in its unlisted subsidiary, Bharat Coking Coal Ltd (BCCL), and that the subsidiary will be listed on stock exchanges after receiving additional approvals.
State-owned CIL on Thursday said it is planning to divest 25 percent stake in its unlisted arm Bharat Coking Coal Ltd (BCCL) and will go for the subsequent listing of the subsidiary on stock exchanges after obtaining further clearances. A meeting of the board of directors to this effect was held on March 10, 2022, Coal India Ltd (CIL) said in a regulatory filing.
"As advised by MoC (Ministry of Coal), CIL Board in its 438th meeting held on March 10, 2022 had accorded its 'in-principle' approval to divest 25 percent of paid-up share capital of BCCL held by CIL and its subsequent listing on stock exchanges and advised to forward the proposal to Ministry of Coal for obtaining further clearances," the filing said.
Stating that the company’s board had given only "in principle" approval to the proposal, CIL said that only after getting further clearance from the government, subsequent action would be initiated.