The board of Mahanadi Coalfields Ltd has agreed to release Rs1,617.06 crore in cash through a share buyback, almost Rs600 crore more than it had agreed to release in June last year, Coal India Ltd (CIL) said on Wednesday.
With its third wholly owned subsidiary agreeing to buy back shares, Coal India is set to receive Rs4,061.37 crore in cash, which it is expected to distribute among its shareholders.
Two other subsidiaries—Northern Coalfields Ltd and South Eastern Coalfields Ltd—have since Friday agreed to release cash from their coffers.
Mahanadi Coalfields will buy back 55,327 shares, representing 2.97% of its equity capital, for Rs292,273 each, valuing itself at Rs54,446.5 crore. Read More…