PSU NEWS
MCL and CCL to buyback shares worth Rs 1128 cr
KOLKATA.Coal India had said that its two subsidiaries Mahanadi Coalfields and Northern Coalfields will buy back total shares worth around Rs 1,978 crore from their shareholders.
Coal India today said its subsidiary CCL will buy back shares worth Rs 1,128 crore, a move which can help the parent add to the government’s divestment programme.
The Board of Directors of Central Coalfields Ltd (CCL) has considered and approved the buyback of 23,50,000 fully paid equity shares of face value of Rs 1,000 from the members of the company on a proportionate basis through tender offer, Coal India said in a BSE filing.
The CCL buyback will represent 25 per cent of the total number of equity shares in the paid-up share capital of the subsidiary for an aggregate amount not exceeding Rs 1,128 crore, maximum buyback size being up to 25 per cent of the paid-up equity share capital and free reserves as on financial year ended March 31, 2016.
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