Market Chatter: Coal India Unit SECL Taps Banks For $800 Million IPO

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Market Chatter: Coal India Unit SECL Taps Banks For $800 Million IPO

MT Newswires Live10:23

Coal India's (BOM:533278, NSE:COALINDIA) subsidiary, South Eastern Coalfields, has hired banks to help with its planned initial public offering in India, Bloomberg reported Friday, citing people familiar with the matter.

SECL is reportedly in talks with ICICI Securities, SBI Capital Markets, Motilal Oswal Investment Advisors, and IDBI Capital Markets & Securities to advise on the IPO. A draft prospectus may be filed as early as December, with Coal India expected to sell shares in SECL, the report said.

Talks are still in progress and the timing and offering size could change, sources told Bloomberg.

Coal India, SECL, and the banks were not immediately available to MT Newswires for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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