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Coal India Ltd. has announced that it plans to divest 25% of its stake in Bharat Coking Coal Ltd., a decision that was approved in a Board Meeting in early March.
Bharat Coking Coal Limited (BCCL) is an unlisted PSU that is engaged in mining coal, coal washing, and other allied activities. It has an important place such that it produces a bulk of the coking coal mined in the country and meets almost 50% of the total requirement of the integrated steel sector.
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The company had produced 24.66MT in FY21, which was well below estimates. Its revenues faced a sharp decline of 45.8% to Rs 6,149.81 crores as the company couldn't maintain profitability due to a decline in sales resulting in a Loss Before Tax of Rs 1,577.06 for FY21.
The company also announced that once it gets approval from the government, it will go for subsequent listing on the stock exchanges. The company said that the approval received by its Board is only "in principle" and that further action could be taken only after approval from the Ministry of Coal and the Board of Coal India Ltd.
"As advised by MoC, CIL Board in its 438th meeting held on 10th March.'2022 had accorded its 'in-principle' approval to divest 25% of paid-up share capital of BCCL held by CIL and its subsequent listing on stock exchanges and advised to forward the proposal to Ministry of Coal for obtaining further clearances," the company said in a filing.
The share of Coal India closed at Rs 183.25 per share on Friday.
Article by Aman Agarwal.
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