Coal India board to consider share buyback worth Rs 1,065 cr on Monday

The company had announced that its three subsidiaries - Mahanadi Coalfields, South Eastern Coalfields and Northern Coalfields - proposed to buyback their equity shares

Coal India Ltd on Wednesday said its board would consider and approve buyback of its equity shares on February 4.

"...it is hereby notified that a board meeting of the company scheduled on Monday, February 4, 2019 interalia to consider and approve buyback of the fully paid up equity shares of the company having face value of Rs 10 each," the company said in a regulatory filing.

The company, on Tuesday, had announced that its three subsidiaries - Mahanadi Coalfields, South Eastern Coalfields and Northern Coalfields - proposed to buyback their equity shares aggregating Rs 1,065 crore (Rs 355 crore each).

The equity shares, proposed to be bought back by MCL, SECL and NCL represent 6.27 per cent, 7.453 per cent and 7.59 per cent of their paid up capital, respectively.

These three subsidiaries, in their separate board meetings, had decided to buy back shares from their members on a proportionate basis through a tender offer.

Shares of Coal India on Wednesday closed at Rs 225.45, up by 1.21 per cent on BSE.