Kolkata: Coal India on Saturday said its wholly owned subsidiary Central Coalfields Limited (CCL) has approved buy-back of 5,21,000 fully paid equity shares for an aggregate amount not exceeding Rs 1,001 crore.


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"The Board of Directors of Central Coalfields Limited at its meeting held on March 3, 2017 has considered and approved the buy-back of 5,21,000 fully paid equity shares of face value of Rs 1,000 each from the members of CCL on a proportionate basis through tender offer... for an aggregate amount not exceeding Rs 1,001.88 crore...," the miner said in a regulatory filing to BSE.


The equity shares proposed to be bought back by the miner`s subsidiary represent 5.54 percent of the existing paid up capital of CCL.


"The equity shares are proposed to be bought back by CCL at a price of Rs 19,230 per equity share," the miner said.


Since CCL is a wholly owned subsidiary of Coal India Limited, both pre and post buy-back by CCL, Coal India shall hold 100 percent of the paid-up equity share capital, it added.