Two Coal India subsidiaries to buy back shares worth Rs 1,978 crore

KOLKATA: As part of Coal India's share buyback plan, two of the company's wholly owned subsidiaries- Mahanadi Coalfields and Northern Coalfields, have decided on the quantum of share buyback from Coal India. It will raise Coal India’s kitty by Rs 1,978 crore.

At a board meeting on Saturday, Mahanadi Coalfields decided to buy back 23.82 per cent of its equity shares of face value Rs 1,000, at a price of Rs 23,171.89 per share totaling Rs 1029 crore.

At its board meeting held the same day, Northern Coalfields decided on buying back 22.62 per cent of its shares of face value Rs 1,000 each at a price of Rs 23,610 totaling Rs 949 crore from its parent, Coal India.

This will be followed by three more subsidiaries announcing buy backs, which would be followed by Coal India buying back shares from the government and the public for Rs 6,000 crore.