State-run Coal India said the board of its subsidiary South Eastern Coalfields has approved a share buyback plan worth Rs 1,200 crore.
“The board of directors of South Eastern Coalfields Ltd (SECL), our wholly-owned subsidiary, at its meeting held on February 27 has considered and approved the buyback of 1,50,443 fully paid equity shares of face value of Rs 1,000 each…from the members of SECL…for an aggregate amount not exceeding Rs 1,200.19 crore,” Coal India said in a filing to the BSE.
The equity shares proposed to be bought back by SECL represent 4.18 percent of the existing paid up capital of South Eastern Coalfields Ltd, it said.
“The equity shares are proposed to be bought back by SECL at a price of Rs 79,777 per equity share,” it added.
Coal India accounts for over 80 percent of the country’s domestic production.