Coal India, the world's largest coal producer, is selling a 10% stake in Mahanadi Coalfields through the fully owned subsidiary's initial public offering, draft papers filed with the market regulator showed.
* State-run Coal India is offloading up to 661.8 million shares in its unit, according to the prospectus dated Monday.
* Mahanadi Coalfields is not selling any new shares in the offering and will not receive any proceeds.
* The unit operates primarily in the eastern state of Odisha and accounted for 21% of India's overall domestic coal production and 28.4% of Coal India's total coal production in fiscal year 2026.
* Coal India, which contributed about 74% of India's total coal production in fiscal 2026, had said in March it could sell up to 25% stakes in subsidiaries Mahanadi Coalfields and South Eastern Coalfields through IPOs or other routes.
* The company has listed two other units this year: Bharat Coking Coal, which went public in January, is down about 25% from its debut price, while Central Mine Planning & Design Institute is up 39% since its March listing.
* Mahanadi Coalfields' net profit slipped about 1.3% to 106.78 billion rupees ($1.12 billion) in the year ended March 31; revenue fell 2.6% to 305.5 billion rupees.
* The IPO filing comes as India's primary market sees a revival after a sluggish start to the year amid a selloff spurred by the U.S.-Israeli war on Iran.
* SBI Capital Markets, Axis Capital, BOB Capital Markets, IDBI Capital Markets & Securities and IIFL Capital Services are managing the IPO.
Published on September 2, 2026
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