Coal ministry going slow on listing of BCCL, CMPDI
“No further plans. Whatever CIL is listed is doing very well. Market cap has gone up by 26 per cent in the last one year, “ Coal Secretary Amrit Lal Meena said on the sidelines of the 10th Asian Mining Congress and IME 2023.
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KOLKATA: The Coal Ministry is going slow on listing the two subsidiaries of Coal India Limited, BCCL and CMPDI, given the sharp rise in CIL’s market capitalisation.
The current market capitalization of Coal India stands at Rs 1.95 lakh crore.
“No further plans. Whatever CIL is listed is doing very well. Market cap has gone up by 26 per cent in the last one year, “ Coal Secretary Amrit Lal Meena said on the sidelines of the 10th Asian Mining Congress and IME 2023.
CIL was actively engaged in the process of listing its subsidiary, Bharat Coking Coal Limited (BCCL). It was to be followed by the listing of its research and development entity, the Central Mine Planning and Design Institute Limited (CMPDIL).
In May 2022, Coal India informed the stock exchanges that following the Ministry of Coal’s guidance, the board of the public sector mining company had granted preliminary approval for the divestment of 25 per cent of BCCL’s paid-up share capital, which is held by Coal India. Subsequently, BCCL was to be listed on the stock exchanges.
During the 49th annual general meeting in August, Coal India Limited informed shareholders that the listing process for BCCL had been initiated and the listing of CMPDI would follow the BCCL listing.
The share price of state-run Coal India crossed the Rs 300 level on October 10, after five years. The last time the stock hit the Rs 300 mark was on May 28, 2018.
The stock is ruling at its 52-week high of Rs 316.80 on Monday at NSE. The stock price had slumped to Rs 112 in October 2020. The IPO was floated in 2010 with an issue price of Rs 245 per equity share, aggregating to Rs 15,199.44 crore.