India’s government has approved the listing and disinvestment of Mahanadi Coalfields Limited (MCL), opening the door for an IPO. DIPAM and the Ministry of Coal cleared the proposal after Coal India and MCL boards endorsed it and the Alternative Mechanism (AM) approved it. Coal India can dilute its stake in MCL by up to 25% through an offer for sale tied to the IPO and additional tranches, while MCL may also raise fresh capital via IPO, follow-on offers, QIPs, or other SEBI-approved routes.
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