Coal India to consider share buyback on 11 July1 min read . Updated: 05 Jul 2016, 07:10 PM IST
Coal India 's board will consider buying back its shares at a meeting on 11 July, the company said on Tuesday
New Delhi: Coal India Ltd’s board will consider buying back its shares at a meeting on 11 July, the company said on Tuesday.
Shares of the state-run miner rose 1.35% to ₹ 321.75 after the announcement.
The government has been asking cash-rich state-run companies to buy back shares to generate funds to bridge its fiscal deficit and reduce the government’s stake in public sector companies.
As of 31 march, the government holds 79.65% in the company.
Coal India, the world’s largest producer, is considering exporting the fuel after output rose 8.5% to a record 536 million tonnes in the year ended 31 March, according to Bloomberg.