New Delhi: The vacant post of six independent directors on the board of Coal India arm BCCL needs to be filled up expeditiously for speedy completion of the listing process of the subsidiary, sources said.
Bharat Coking Coal Ltd (BCCL), a wholly-owned subsidiary of Coal India Ltd (CIL), had in May filed its draft red herring prospectus (DRHP) with capital market regulator SEBI, as well as BSE and NSE, for its proposed initial public offering.
Sources said that the coal ministry had informed Cabinet Secretary T V Somanathan that "at present six independent director positions are vacant on the board of BCCL, which need to be filled up expeditiously for speedy completion of the listing process".
The coal ministry, sources said, also informed the cabinet secretary that it is in the process of listing BCCL for which roadshows are in the last leg of completion.
SEBI mandates that all independent directors are to be in place before filing the final Red Herring Prospectus.
CIL had earlier informed that the DRHP pertains to an offer for sale (OFS) of up to 46.57 crore equity shares by Coal India.
The IPO remains subject to receipt of necessary approvals, market conditions, and other considerations, it had added.
The proposed IPO of BCCL is part of the government's broader divestment strategy in the coal sector, aimed at unlocking value in subsidiaries and improving operational transparency through market listing.
Central Mine Planning and Design Institute Ltd (CMPDI), another wholly-owned subsidiary of CIL, has also filed its DRHP with SEBI for its proposed IPO via the offer-for-sale route.
BCCL is a coal-producing subsidiary and CMPDI is a technical arm of Coal India.
Coal India accounts for over 80 percent of domestic coal output.
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