Home » Northern Coalfields ratifies Rs 1,244-cr share buyback plan

Northern Coalfields ratifies Rs 1,244-cr share buyback plan

Northern Coalfields ratifies Rs 1,244-cr share buyback plan

Coal India has said that the Board of its subsidiary Northern Coalfields has approved a share buyback plan worth Rs 1,244 crore.

"The Board of directors of Northern Coalfields Limited (NCL), our wholly-owned subsidiary,  has considered and approved the buyback of 76,356 fully-paid equity shares of face value of Rs 1,000 each from the members of NCL on a proportionate basis through tender offer," Coal India Ltd (CIL) said in a BSE filing.

The maximum buyback size is Rs 1,244 crore, it said, adding that the equity shares proposed to be bought back by NCL represent 4.29 per cent of the existing paid-up capital of NCL.

The equity shares are proposed to be bought back "for an aggregate amount not exceeding Rs 1,244 crore (maximum buyback size being up to 25 per cent of the paid-up equity share capital", the filing said.

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