Northern Coalfields approves Rs1,244-crore share buyback plan
Northern Coalfields approves the buyback of 76,356 fully paid equity shares of face value of Rs1,000 each from the members of NCL
New Delhi: World’s largest coal producer Coal India Ltd on Saturday said the board of its arm Northern Coalfields Ltd (NCL) has approved a share buyback plan worth Rs1,244 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 ₹ 1,000 each from the members of NCL on a proportionate basis through tender offer," Coal India said in a Bombay Stock Exchange (BSE) filing on Saturday.
The maximum buyback size is ₹ ,244 crore, it said, adding the equity shares proposed to be bought back by NCL represent 4.29% of the existing paid up capital of the firm. The equity shares are proposed to be bought back “for an aggregate amount not exceeding ₹ 1,244 crore (maximum buyback size being up to 25 per cent of the paid-up equity share capital", the filing said.
Coal India accounts for over 80% of the country’s domestic production.
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