 "Coal India gains on share buyback plan")
Coal India has moved higher by 2% to Rs 323 on the BSE after the company announced that the board will meet on July 11 to consider proposal for buy back of equity shares of the company.
“A meeting of the board of directors of the company will be held on July 11, 2016, to consider the proposal for buy back of equity shares of the company,” Coal India said in a statement.
The government of India holds 79.65% stake in Coal India as of March 2016. Foreign portfolio investors hold 8.52% stake, while Life Insurance Corporation of India have 5.86% stake in the company, the shareholding pattern data shows.
In past one-year, the stock had underperformed the market by falling 24% as compared to 3% decline in the S&P BSE Sensex till yesterday.
Since May, there public sector undertaking (PSU) companies – National Aluminium, MOIL and NMDC – had approved share buyback on a proportionate basis, through the tender offer route.
“A meeting of the board of directors of the company will be held on July 11, 2016, to consider the proposal for buy back of equity shares of the company,” Coal India said in a statement.
The government of India holds 79.65% stake in Coal India as of March 2016. Foreign portfolio investors hold 8.52% stake, while Life Insurance Corporation of India have 5.86% stake in the company, the shareholding pattern data shows.
In past one-year, the stock had underperformed the market by falling 24% as compared to 3% decline in the S&P BSE Sensex till yesterday.
Since May, there public sector undertaking (PSU) companies – National Aluminium, MOIL and NMDC – had approved share buyback on a proportionate basis, through the tender offer route.