Coal India’s arm to float IPO on March 20

New Delhi: Coal Central Mine Planning and Design Institute (CMPDIL), an arm of state-owned Coal India, is gearing up to launch its initial public offering (IPO) on March 20.

The company’s maiden public offering will conclude on March 24, while bidding for anchor investors will take place on March 18, according to the red herring prospectus (RHP).

The issue will be entirely an OFS of 10.71 crore shares by Coal India, with no fresh issue component. CMPDIL renders its consultancy services to CIL and its subsidiaries in the areas of coal exploration, mine planning & design, coal beneficiation and utilisation, allied engineering services, environmental engineering, information and communication technology, laboratory services, and field services.

IDBI Capital Markets and Securities and SBI Capital Markets are the book-running lead managers for the public issue. Earlier, Bharat Coking Coal (BCCL), another subsidiary of Coal India, came out with its Rs 1,071-crore IPO in January.