Coal India arm BCCL needs to fill vacant posts of independent directors expeditiously to fast-track listing

New Delhi, Nov 17 (PTI) The vacancy of six independent directors on the board of Coal India arm BCCL needs to be filled quickly for expeditious completion of the subsidiary’s listing process, sources said.

Bharat Coking Coal Ltd (BCCL), a wholly owned subsidiary of Coal India Ltd (CIL), had filed draft red herring prospectus (DRHP) with capital markets regulator SEBI as well as BSE and NSE for its IPO offer in May.

Sources said the coal ministry had informed Cabinet Secretary TV Somanathan that “currently six independent director posts are vacant on the BCCL board and these need to be filled quickly for speedy completion of the listing process”.

Sources said the coal ministry has also informed the cabinet secretary that it is in the process of listing BCCL, where touring shows are in the final stage of completion.

SEBI requires all independent directors to be in place before submitting the final Red Herring Prospectus.

CIL had earlier reported that DRHP was involved in an offer for sale (OFS) of up to 46.57 crore equity shares of Coal India.

He added that the IPO will continue to be subject to obtaining necessary approvals, market conditions and other matters.

BCCL’s proposed IPO is part of the government’s broader investment strategy in the coal sector, aiming to unlock value in subsidiaries and increase operational transparency through market listing.

Central Mine Planning and Design Institute Ltd (CMPDI), another wholly owned subsidiary of CIL, has filed its DRHP with SEBI for the proposed IPO through offer for sale route.

BCCL is a coal producing subsidiary and CMPDI is the technical arm of Coal India.

Coal accounts for more than 80 percent of India’s domestic coal production.