Mahanadi Coalfields Limited (MCL), a wholly owned subsidiary of Coal India Limited, on Saturday (November 14, 2026) said it has filed the Red Herring Prospectus (RHP) for the proposed initial public offering.

The RHP, dated November 13, was filed with the Registrar of Companies (RoC), the Securities and Exchange Board of India (SEBI), the BSE and the NSE, Coal India said in a regulatory filing.

The proposed IPO comprises an offer for sale (OFS) of up to 66.18 crore equity shares by Coal India, representing 10% of its stake in the subsidiary. The issue is estimated to fetch around ₹9,500 crore.

“The proposed public issue remains subject to receipt of applicable approvals, market conditions and other relevant considerations,” the filing said. The IPO is part of Coal India’s efforts to unlock value in its subsidiaries through stake sales and their listing on stock exchanges.