Coal India share price in focus: Maharatna's board approves up to 35% divestment in SECL, Mahanadi Coalfields

The decision was taken at the CIL board meeting held on Monday.

The proposed divestment and fresh issue, aggregating up to 35% of SECL's post-issue paid-up equity capital, will be executed in one or more tranches in the domestic market.

"Further, the Board of CIL, at its meeting held on 23.03.2026, has, inter alia, accorded in-principle approval for divestment of up to 25% of equity shares held by Coal India Limited (CIL) in SECL through Offer for Sale (OFS), along with issuance of fresh equity shares of SECL aggregating up to 10% of the post-issue paid-up equity share capital, in one or more tranches, through Initial Public Offer (IPO) and/or other permissible market routes in the domestic market," Coal India said in a filing to BSE.

Mahanadi Coalfields Limited

In a separate filing, Coal India stated that the board has granted in-principle approval for divesting up to 25% of its equity stake in Mahanadi Coalfields Limited (MCL) through an offer for sale (OFS) in one or more tranches.

The divestment will be executed via Initial Public Offering (IPO) or other permissible market routes in the domestic market.

Incorporation of Intermediate Holding Company in Singapore

In another filing, the company stated that the CIL board also approved the incorporation of an Intermediate Holding Company (IHC) in Singapore to explore overseas opportunities in the acquisition of critical mineral assets.

SECL is among the highest coal-producing subsidiary companies of CIL. The coal mines of SECL are spread across two states, namely Chhattisgarh and Madhya Pradesh.

SECL operates 60 coal mines, of which 35 are in Chhattisgarh State, while the remaining 25 are in Madhya Pradesh. And of these 60 coal mines, 40 mines are worked by the underground method of mining, while the remaining 20 are opencast mines.

Coal India accounts for over 80% of domestic coal production.

Coal India's subsidiaries' IPOs: A look at details

In January 2026, shares of Bharat Coking Coal Ltd made a bumper stock market debut and ended with a premium of nearly 77%, commanding a market valuation of ₹18,935 crore.

The stock was listed at ₹45.21, a steep premium of 96.56% from the issue price of ₹23 on the BSE. Later, it ended at ₹40.66, reflecting a surge of 76.78%.

On the NSE, the stock made its market debut at ₹45, up 95.65%. Shares of the firm ended at ₹40.58, registering a jump of 76.43%.

BCCL IPO details

The initial public offering of Bharat Coking Coal Ltd was subscribed to a massive 146.81 times on the final day of bidding on Tuesday last week, led by heavy investors' participation.

The ₹1,071 crore IPO had a price band of ₹21-₹23 per share.

The IPO of Bharat Coking Coal Ltd got fully subscribed within minutes of opening for bidding on January 9.

The company's IPO was the first mainboard issue of 2026.

The company was incorporated in 1972 to mine and supply coking coal concentrated in mines at Jharia, Jharkhand, and Raniganj, West Bengal, coalfields.

CMPDI IPO

The initial public offer of Central Mine Planning & Design Institute Ltd, an arm of state-owned Coal India, is currently ongoing. The company received 25% subscriptions on the second day of bidding on Monday, March 23.

The IPO got bids for 20,284,720 shares against 79,789,500 shares on offer, according to NSE data.

The portion for Qualified Institutional Buyers (QIBs) received 62% subscription. The category for Retail Individual Investors (RIIs) received 17% subscription, and the quota for non-institutional investors got subscribed 8%.

Central Mine Planning and Design Institute (CMPDIL) on Wednesday said it has mobilised ₹470 crore from anchor investors.

CMPDIL's ₹1,842 crore initial public offering (IPO) will conclude on March 24.

About Coal India

Coal India Limited (CIL), the state-owned coal mining corporation, came into being in November 1975. With a modest production of 79 million tonnes (MTs) in the year of its inception, CIL today is the single largest coal producer in the world and one of the largest corporate employers, with a manpower of 2,20,242 (as of 1st April, 2025).

Across eight Indian states, CIL operates in 85 mining areas, managing a total of 310 working mines, consisting of 129 underground, 168 open-cast, and 13 mixed mines, and also manages other establishments like workshops, hospitals, and so on.

CIL is a Maharatna company – a privileged status conferred by the Government of India to select state-owned enterprises in order to empower them to expand their operations and emerge as global giants.

CIL has fourteen fully owned subsidiary companies, viz., Eastern Coalfields Limited (ECL), Bharat Coking Coal Limited (BCCL), Central Coalfields Limited (CCL), Western Coalfields Limited (WCL), South Eastern Coalfields Limited (SECL), Northern Coalfields Limited (NCL), Mahanadi Coalfields Limited (MCL), Central Mine Planning & Design Institute Limited (CMPDIL), CIL Navi Karniya Urja Limited for development of non-conventional/clean & renewable energy, CIL Solar PV Limited for development of solar photovoltaic modules, and Bharat Coal Gasification and Chemicals Ltd. CIL has a foreign subsidiary in Mozambique, namely Coal India Africana Limitada (CIAL).

CIL has incorporated 2 new subsidiaries, Coal Gas India Ltd. For coal gasification projects & CIL Rajasthan Akshay Urja Limited for renewable business.

Further, CIL has five joint venture companies – Hindustan Urvarak & Rasayan Limited, Talcher Fertilisers Ltd, CIL NTPC Urja Pvt. Ltd, Coal Lignite Urja Vikas Private Limited & International Coal Venture Private Limited.

The mines in Assam, i.e., North Eastern Coalfields (NEC), are managed directly by CIL.