Coal India s subsidiary SECL to buy-back shares

Kolkata Feb 27 (IANS) Coal India on Monday said its wholly-owned subsidiary South Eastern Coalfields Limited (SECL) has approved buy-back of 1 50 443 fully paid equity shares for an aggregate amount not exceeding Rs 1 200 crore.

The Board of Directors of South Eastern Coalfields Limited at its meeting held on February 27 has considered and approved the buy-back of 1 50 443 fully paid equity shares of face value of Rs 1 000 each from the members of SECL on a proportionate basis through tender offer... for an aggregate amount not exceeding Rs 1 200.19 crore the miner said in a regulatory filing at BSE.

The equity shares proposed to be bought back by miner s subsidiary represent 4.1825 per cent of the existing paid up capital of SECL.

The equity shares are proposed to be bought back by SECL at a price of Rs 79 777 per equity share the miner said.

Since SECL is wholly-owned subsidiary of Coal India Limited both pre and post buy-back by SECL Coal India shall hold 100 per cent of the paid-up equity share capital it added.

--IANS
bdc/ahm/dg