Coal India arm NCL approves Rs 1,244-cr share buyback plan

Source: The Hitavada      Date: 26 Feb 2017 09:47:43


NEW DELHI,

Feb 25,

(PTI),

THE world’s largest coal producer Coal India on Saturday said the board of its arm Northern Coalfields had approved a share buyback plan worth Rs 1,244 crore.

“Board of Directors of Northern Coalfields Limited (NCL), our wholly-owned subsidiary ... has considered and approved the buyback of 76,356 fully-paid equity shares of face value of Rs 1,000 each from the members of NCL on a proportionate basis through tender offer,” Coal India Ltd (CIL) said in a BSE filing today.

The maximum buyback size was Rs 1,244 crore, it said, adding the equity shares proposed to be bought back by NCL represented 4.29 per cent of the existing paid-up capital of NCL.