Northern Coalfields (NCL), a subsidiary of Coal India has received its board’s approval for buyback of shares. The company 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 162,937 per share, at a face value of Rs 1000 each for an aggregate amount not exceeding up to Rs 1244 crore.
Coal India is the world’s largest coal mining company. It also produces non-coking coal and coking coal of various grades for diverse applications.