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Coal India Ltd (CIL) on Thursday said its board has approved to sell 25% stake in BCCL and the subsequent listing on stock exchanges. The approval was given at a board meeting held on 10 March.

"As advised by MoC, CIL Board in its 438th meeting held on 10th March.'2022 had accorded its 'in-principle' approval to divest 25% of paid-up share capital of BCCL held by CIL and its subsequent listing on stock exchanges and advised to forward the proposal to Ministry of Coal for obtaining further clearances," the company said in a filing.

Coal India Board had given only in principle approval to the proposal. and only after clearance from government, further action would be initiated.

Since only 'in-principle" approval was given by the board, the company said it has not communicated the same to the exchanges as there is no material impact on the company.

On receipt of further clearance from government, the same would be placed to CIL Board and the decision of would be promptly disseminated to stock exchanges, it said.

Earlier today, the company's stock closed 1.72% higher at 183.80 apiece on NSE.

BCCL was incorporated in January, 1972 to operate coking coal mines operating in the Jharia & Raniganj Coalfields. It was taken over by the government on October 16, 1971. It is a Public Sector Undertaking engaged in mining of coal and allied activities.

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