Coal India s subsidiary CCL to buy-back shares worth Rs 1,001 cr

Kolkata March 4 (IANS) Coal India on Saturday said its wholly owned subsidiary Central Coalfields Limited (CCL) has approved buy-back of 5 21 000 fully paid equity shares for an aggregate amount not exceeding Rs 1 001 crore.

The Board of Directors of Central Coalfields Limited at its meeting held on March 3 2017 has considered and approved the buy-back of 5 21 000 fully paid equity shares of face value of Rs 1 000 each from the members of CCL on a proportionate basis through tender offer... for an aggregate amount not exceeding Rs 1 001.88 crore... the miner said in a regulatory filing to BSE.

The equity shares proposed to be bought back by the miner s subsidiary represent 5.54 per cent of the existing paid up capital of CCL.

The equity shares are proposed to be bought back by CCL at a price of Rs 19 230 per equity share the miner said.

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

--IANS
bdc/sm/bg