Alternative Mechanism Approves Listing of Mahanadi Coalfields Limited; Coal India to Divest Up to 25% Stake via IPO

Coal India Limited has disclosed that the Alternative Mechanism (AM), processed by DIPAM/MoC, has granted approval for the listing of its subsidiary Mahanadi Coalfields Limited (MCL) through a public offering in the domestic market. The approval follows resolutions accorded by the Boards of both Coal India Limited (CIL) and MCL, and is in accordance with SEBI rules and regulations. The disclosure was made via a regulatory filing dated 15.05.2026.

Key Provisions of the AM Approval

The AM has approved the disinvestment and listing of MCL under a structured framework. The following table summarises the key provisions of the approval:

Parameter: Details Listing Entity: Mahanadi Coalfields Limited (MCL) Disinvestment Method: Offer for Sale (OFS) of existing CIL shares in MCL as part of IPO, and subsequently in one or more tranches Capital Raising Method: Fresh issue of equity shares via IPO and/or subsequent FPO(s), QIP(s), or other SEBI-approved methods Maximum Disinvestment Extent: Up to 25% reduction in CIL's shareholding in MCL Market: Domestic market Regulatory Framework: SEBI Rules and Regulations

Structure of the Proposed Listing

The AM approval outlines a flexible structure for the disinvestment and capital-raising exercise. The disinvestment and capital raising may be undertaken simultaneously or separately, in one or more tranches, providing operational flexibility in execution. CIL may divest its stake in MCL through an OFS of existing shares as part of the MCL IPO, with the option to undertake further disinvestment in subsequent tranches. Concurrently, MCL may raise fresh capital through the IPO and/or through follow-on mechanisms including FPOs, QIPs, or other SEBI-approved routes. The overall extent of disinvestment and capital raising under all mechanisms combined shall be limited to reducing CIL's shareholding in MCL by up to 25%.

Conditions and Regulatory Compliance

The proposed listing of MCL is not unconditional. It shall remain subject to prevailing market conditions and the completion of all necessary statutory and regulatory formalities. The filing was submitted to both the Bombay Stock Exchange Limited and the National Stock Exchange of India Limited by B. P. Dubey, Executive Director (Company Secretary) and Compliance Officer of Coal India Limited, on 15.05.2026.

Coal India Limited has announced the striking off and dissolution of CIL Solar PV Limited, its wholly owned subsidiary, following a formal notice from the Ministry of Corporate Affairs (MCA), Government of India. The development was communicated to the stock exchanges on 12.05.2026, in accordance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Dissolution of CIL Solar PV Limited

The Ministry of Corporate Affairs issued Notice No. STK-7/001155/2026 dated 11.05.2026, which was received by Coal India Limited on 12.05.2026. Pursuant to sub-section (5) of Section 248 of the Companies Act, 2013, the name of CIL Solar PV Limited has been struck off from the Register of Companies, and the said company stands dissolved. This action follows a prior communication by Coal India Limited to the exchanges dated 20.04.2026.

Key Details of the Corporate Action

The following table summarises the key details pertaining to the striking off and dissolution:

Parameter: Details Subsidiary Name: CIL Solar PV Limited Relationship: Wholly Owned Subsidiary of Coal India Limited Applicable Law: Section 248(2) of the Companies Act, 2013 MCA Notice Number: STK-7/001155/2026 MCA Notice Date: 11.05.2026 Date of Receipt: 12.05.2026 Effective Action: Struck off from Register of Companies and Dissolved Disclosure Regulation: Regulation 30 of SEBI (LODR) Regulations, 2015

Regulatory Disclosure

The disclosure was signed by B. P. Dubey, Executive Director (Company Secretary) and Compliance Officer of Coal India Limited, and was addressed to the Listing Departments of both Bombay Stock Exchange Limited and National Stock Exchange of India Limited. Coal India Limited is a Maharatna company with its registered office located at 3rd Floor, Core-2, Premises No. 04-MAR, Plot No. AF-III, Action Area-1A, Newtown, Rajarhat, Kolkata-700156.

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