Coal Indias subsidiary approves shares buy back worth Rs 1244 crore
Since NCL is a wholly-owned subsidiary of Coal India Limited, 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.
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.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.