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Indian Stock Market Tips; Coal India's Subsidiary SECL To Buy-Back Shares
Coal India on Monday said its wholly-owned subsidiary South Eastern Coalfields Limited (SECL) has approved buy-back of 1,50,443 fully paid equity shares for an aggregate amount not exceeding Rs 1,200 crore. "The Board of Directors of South Eastern Coalfields Limited at its meeting held on February 27 has considered and approved the buy-back of 1,50,443 fully paid equity shares of face value of Rs 1,000 each from the members of SECL on a proportionate basis through tender offer for an aggregate amount not exceeding Rs 1,200.19 crore," the miner said in a regulatory filing at BSE.
The equity shares proposed to be bought back by miner's subsidiary represent 4.1825 per cent of the existing paid up capital of SECL. "The equity shares are proposed to be bought back by SECL at a price of Rs 79,777 per equity share," the miner said. Since SECL is wholly-owned subsidiary of Coal India Limited, both pre and post buy-back by SECL, Coal India shall hold 100 per cent of the paid-up equity share capital, it added.