Coal India set to buyback equities
Shital Jibhe / 28 Feb 2017
In a BSE filing, the state-run coal giant-Coal India confirmed the approval of the buyback of 1,50,443 fully-paid equity shares by its subsidiary, the South Eastern Coalfields Limited (SECL).
These equity shares carry a face value of Rs 1,000 each, with a total buyback plan worth Rs 1,200 crore.
SECL has proposed a price of Rs 79,777 per equity in the buyback plan. These equity shares constitute 4.18 per cent of the total paid up capital of the company.
Coal India is owned and controlled by the Ministry of Coal. Contributing to 80 per cent of the total coal productions in the country with a market capitalisation of Rs 2.11 trillion, it is India's 8th most valuable company. Coal India is also the largest coal producer of the world.
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