At meeting held on 11 July 2016
Coal India announced that the Board of Directors of the Company at its meeting held on 11 July 2016 has, subject to the approval of the shareholders of the Company by way of Special Resolution through postal ballot and subject to approvals of statutory, regulatory or governmental authorities as may be required under applicable laws, approved the buyback of not exceeding 10,89,55,223 (Ten crore eighty nine lakhs fifty five thousand two hundred and twenty three) equity shares of the Company, from all the members holding equity shares of the Company as on record date on a proportionate basis through the "Tender Offer" route in accordance with the Companies Act, 2013, the Companies (Management and Administration) Rules, 2014, the Securities and Exchange Board of India (Buy Back of Securities) Regulations, 1998, as amended from time to time at a price of Rs. 335/- (Rupees Three hundred and thirty five only) per equity share payable in cash for an aggregate consideration not exceeding Rs. 3650 crore (Buyback) which is not exceeding 25% of the aggregate fully paid up share capital and free reserves of the Company as per audited accounts of the Company for the financial year ended 31 March 2016 (the last audited financial statements available as on the date of Board meeting recommending the proposal of the Buyback).Powered by Capital Market - Live News