Coal India's subsidiary approves' shares buy back worth Rs 1244 crore

Coal India on Saturday said that its wholly-owned subsidiary Northern Coalfields Limited (NCL) has approved to make buy back of shares. 

NCL has proposed to repurchase 76,356 equity shares from their shareholders on a proportionate basis through tender offer. 

The shares proposed accounts for 4.30% of total paid up capital of NCL. 

The equity shares will be bought back by NCL at a price of Rs 1,62,937 per share, at a face value of Rs1000 each for an aggregate amount not exceeding up to Rs 1244 crore. 

"Since NCL is a wholly-owned subsidiary of Coal India, both pre and post buyback by NCL, Coal India shall hold 100% of the paid-up equity share papital," said Coal India in a BSE filing. 

On Friday, shares of Coal India closed flat at Rs 328.50 per piece on BSE.