Coal India To Divest 25% Stake In BCCL
A meeting of the board of directors to this effect was held on March 10, 2022, Coal India Ltd said in a regulatory filing.
Coal India Ltd (CIL) on Thursday said its board has approved to sell 25% stake in BCCL and the subsequent listing on stock exchanges. The approval was given at a board meeting held on 10 March.
“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.
“On receipt of further clearance from MoC (Ministry of Coal) the same would be placed to CIL board and the decision of CIL board would be promptly disseminated to stock exchanges,” the filing said.
BCCL was incorporated in January, 1972 to operate coking coal mines operating in the Jharia & Raniganj Coalfields. It was taken over by the government on October 16, 1971. It is a Public Sector Undertaking engaged in mining of coal and allied activities.