Coal India gains fresh ground in weak market on Goldman upgrade
Coal India, the world's largest producer of the fossil fuel, bucked a weak market and rose for the second day…
State-run Coal India Ltd’s share buy-back offer will open from October 3 to October 18 and the state-run miner has appointed SBI Capital Markets Ltd as the manager to the offer, a regulatory filing said on Tuesday.
Coal India board had approved the buy-back of over 10.89 crore shares at a price of Rs 335 per share for an aggregate consideration not exceeding Rs 3,650 crore.
SBI Capital Markets Ltd on Tuesday informed about the letter of offer regarding buy-back offer to the equity shareholders of coal miner.
"The buy-back offer size represents approximately 24.95 per cent of the aggregate of the fully paid-up share capital and free reserves, as per the audited accounts of the Company for the financial year ended March 31, 2016 and is within the statutory limits of 25 per cent of the aggregate of the fully paid up share capital and free reserves as per the audited accounts of the Company for the financial year ended March 31, 2016," the filing said.
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