Coal India rose 1.01% to Rs 310.25 at 10:11 IST on BSE after the company said that two of its subsidiaries will buyback total shares worth around Rs 1978 crore from their shareholders.
Meanwhile, the BSE Sensex was down 284.89 points, or 1.07%, to 26,350.86.
On BSE, so far 52,000 shares were traded in the counter, compared with an average volume of 3.28 crore shares in the past one quarter. The stock hit a high of Rs 310.70 and a low of Rs 304.80 so far during the day. The stock hit a record high of Rs 447.25 on 5 August 2015. The stock hit a 52-week low of Rs 272.05 on 12 April 2016. The stock had outperformed the market over the past one month till 10 June 2016, rising 8.17% compared with 3.28% rise in the Sensex. The scrip had, however, underperformed the market in past one quarter, falling 3.73% as against Sensex's 7.76% rise.
The large-cap company has an equity capital of Rs 6316.36 crore. Face value per share is Rs 10.
Coal India announced on Sunday, 12 June 2016, that two of its subsidiaries - Mahanadi Coalfields and Northern Coalfields - will buyback total shares worth around Rs 1978 crore from their shareholders.
The board of directors of Northern Coalfields (NGL) approved buyback of 4.01 lakh fully paid equity shares, or 22.62% equity, of face value of Rs 1000 each from the members of NGL on a proportionate basis through tender offer for an aggregate amount not exceeding Rs 948.72 crore. The shares will be purchased at Rs. 23,610.04 each.
The board of directors of Mahanadi Coalfields (MCL) approved buyback of 4.43 lakh fully paid equity shares, or 23.82% equity, of face value of Rs 1000 each from the members of MCL on a proportionate basis through tender offer for an aggregate amount not exceeding Rs 1028.77 crore. The shares will be purchased at Rs 23,171.89 each.
Coal India's consolidated net profit rose 0.2% to Rs 4247.93 crore on 0.7% decline in total income to Rs 22904.36 crore in Q4 March 2016 over Q4 March 2015.
Coal India is an organized state-owned coal mining corporate. The Government of India held 79.65% stake in Coal India (as per the shareholding pattern as on 31 March 2016).
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