CMPDIL IPO: Next Steps After Sebi DRHP Review

Ranchi, Jun 22 (PTI) The decision on the timing of the IPO of Coal India arm CMPDIL is yet to be taken and a call on the next course of action will be after the initial comments from markets regulator Sebi on the draft papers filed recently.

Coal Mine Planning & Design Institute Ltd (CMPDIL) had filed the draft red herring prospectus (DRHP) with Sebi last month.

Speaking to reporters during a press conference here, Chairman-cum-Managing Manoj Kumar on Sunday said, "The DRHP has been filed. The decision on the next course of action will be taken after the preliminary comment of Sebi."

Kumar was responding to questions on when the company is likely to go for the IPO.

"We started this. We definitely want to proceed further as fast as possible but all processes are subject to clearances," he said.

The issue will be entirely an offer for sale, as CMPDIL will not issue any fresh shares. Coal India Ltd (CIL) had said it is planning to sell up to 7.14 crore shares.

CMPDIL renders its consultancy services to CIL and its subsidiaries in the areas of coal exploration, mine planning & design, coal beneficiation and utilisation, allied engineering services, environmental engineering, information and communication technology, and laboratory services, field services, etc.

CMPDIL has appointed IDBI Capital Markets & Securities Ltd and SBI Capital Markets Ltd to manage the offering. The equity shares of the company will be listed on the BSE and the NSE.