17 hrs ago
Coal India Files Mahanadi Coalfields IPO For 10% Stake Sale
Coal India wants to sell part of a company it fully owns, called Mahanadi Coalfields.
The sale would offer 10% of Mahanadi Coalfields to public investors.
The shares already exist, so Mahanadi Coalfields will not create new shares.
Because of this, the money raised will go to Coal India instead of Mahanadi Coalfields.
Mahanadi Coalfields operates mainly in Odisha and produces a large amount of coal.
Its profit and revenue both fell slightly in the year ending March 2026.
The proposed shares could be listed on India’s NSE and BSE exchanges.
Several investment firms and KFin Technologies will help organize the offering.
Coal India has filed preliminary papers to sell 661,836,300 existing Mahanadi Coalfields shares, representing a 10% stake.
The IPO is entirely an Offer for Sale, meaning Mahanadi Coalfields will receive no proceeds and the money will go to Coal India.
Mahanadi Coalfields operates mainly in Odisha and contributed about 28% to 28.4% of Coal India’s fiscal 2026 coal production; sources cite different measures for its share of national output.
For the year ended March 2026, Mahanadi Coalfields’ net profit fell 1.3% to ₹10,678 crore, while revenue declined 2.6% to ₹30,550 crore.
The proposed shares may be listed on the NSE and BSE, with five book-running lead managers and KFin Technologies as registrar.
- Who
- Coal India and its wholly owned subsidiary, Mahanadi Coalfields.
- What
- Coal India plans to sell 661,836,300 shares, or a 10% stake, in Mahanadi Coalfields through an IPO.
- Where
- Mahanadi Coalfields operates primarily in Odisha, India, and the proposed shares may be listed on the NSE and BSE.
- When
- The DRHP is dated August 31, 2026, and the filing was reported on September 2, 2026; the financial results cited cover the year ended March 31, 2026.
- Why
- Coal India is selling part of its existing stake through an Offer for Sale as part of its plan to list or unlock value from subsidiaries; the articles give no more specific reason.
Key facts
- Stake offered
- 10% of Mahanadi Coalfields
- Shares offered
- 661,836,300 existing shares, or about 66.18 crore shares
- Issue structure
- Entirely an Offer for Sale; Mahanadi Coalfields will receive no proceeds
- Fiscal 2026 operations
- Mahanadi Coalfields produced 218.31 million tonnes of coal, according to a CRISIL report cited in the DRHP
- Fiscal 2026 financials
- Net profit was ₹10,678 crore, down 1.3%; revenue was ₹30,550 crore, down 2.6%
- Proposed allocation
- 50% for Qualified Institutional Buyers, 35% for retail investors and 15% for non-institutional investors
- Issue advisers
- SBI Capital Markets, Axis Capital, BOB Capital Markets, IDBI Capital Markets & Securities and IIFL Capital Services; KFin Technologies is the registrar
- Recent subsidiary listings
- Coal India listed Bharat Coking Coal in January 2026 and Central Mine Planning & Design Institute in March 2026
Sources
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