South Eastern Coalfields Limited
Draft Red Herring Prospectus dated November 1, 2026
Summary
The IPO is an offer for sale of 66,80,56,100 shares by existing shareholders; South Eastern Coalfields Limited receives none of the money. The document does not yet state the price.
The review found 7 points to read closely and 9 worth checking.
Read closely
- Criminal proceedings against the company, its directors or individual promoters
- Board without the independent directors the listing rules require
- Litigation exposure
- Tax demands
- Regulatory proceedings or actions against the company or its directors
- Large share of the issue is an offer for sale
- Licences and approvals pending, expired or not renewed
How the capital was built
- The last priced issue of shares was on 14 Mar 1992: 9,41,300 shares to the promoters at ₹1,000 each (1 allottee, including people linked to the promoters); it came about 35 years before this prospectus.
Conclusion
Of the 7 points to read closely, 5 concern the promoters, management and their dealings (criminal proceedings against the company, its directors or individual promoters; board without the independent directors the listing rules require; litigation exposure; tax demands; regulatory proceedings or actions against the company or its directors), 1 concerns how the IPO money will be spent and 1 concerns the business, the valuation or the quality of disclosure. These could not be scored automatically and need reading: guarantees given for group entities; companies share an address with the issuer or with each other; board assembled just before the IPO. These wait for the price and the final share count: shares issued shortly before the IPO at a deep discount to the issue price; issue price is a large multiple of promoters' cost. The pages to read are 1, 47, 49, 572, 581, 584, 591–592 and 608.