New Delhi: World's largest coal producer Coal India on Saturday said the board of its arm Northern Coalfield has approved a share buyback plan worth Rs 1,244 crore.


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"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 today.


The maximum buyback size is Rs 1,244 crore, it said, adding 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.


Coal India accounts for over 80 per cent of the country's domestic production.