Coal India arms to buyback shares worth Rs 1,978 crore

Coal India’s two subsidiaries Mahanadi Coalfields and Northern Coalfields will buyback total shares worth around Rs 1,978 crore from their shareholders. The board of directors of Mahanadi Coalfields Limited on June 11, 2016 has considered and approved the buyback of 4,43,973 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,” CIL said in a regulatory filing. The MCL buyback will represent 23.82 per cent of the total number of equity shares in the paid-up share capital of MCL for an aggregate amount not exceeding Rs 1,028.77 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, it said.