Coal India arm to buy back shares worth Rs 1,200 crore

State-owned Coal India said its subsidiary South Eastern Coalfields Ltd will buy back shares worth Rs 1,200 crore. The move will help the government in realising its disinvestment target of Rs 56,500 crore for the fiscal. “The board of directors of South Eastern Coalfields Ltd (SECL)… at its meeting held on June 14, has considered and approved the buyback of 8,46,359 fully paid equity shares of face value of Rs 1,000 each from the members of the company on a proportionate basis through tender offer,” said an  Coal India (CIL) official.