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Business News/ Market / Stock-market-news/  Coal India sets 9 September as record date for share buyback

New Delhi: State-owned Coal India on Monday said it has fixed 9 September as the record date for buyback of its shares. The country’s leading miner had last week announced that its shareholders have approved buyback of 10.89 crore shares at a price of 335 apiece, aggregating to 3,650 crore.

“The buyback Committee of the Board of Directors...has approved 9 September 2016 as record date for buy-back of shares of Coal India Limited (CIL) to determine the entitlement of equity shareholders in the buy-back, the shareholders who would be eligible to participate in the buy-back and the shareholders to whom the letter of offer...will be delivered in relation to the buy-back," Coal India said in a filing to the BSE.

Shares of Coal India on Monday closed marginally up at 333.85 apiece on BSE. The finance ministry is pushing for buyback of shares by CPSEs. This is being done for two purposes — to generate cash for the government and help push up the valuation for any divestment.

The government has set a disinvestment target of 56,500 crore for 2016-17. Of this, 36,000 crore is expected to come from minority stake sales.

The Centre also needs to bring down its stake in CIL below 75% to adhere to Sebi norms. The deadline for ensuring this is August 2017.

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Updated: 30 Aug 2016, 01:46 AM IST
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