The announcement was made after market hours on Monday, 25 March 2013.
Meanwhile, the BSE Sensex was down 32 points, or 0.17%, to 18,649.42.
On BSE, 14,000 shares were traded in the counter as against an average daily volume of 2.71 lakh shares in the past one quarter.
The stock hit a high of Rs 301.60 and a low of Rs 296.80 so far during the day. The stock had hit a 52-week high of Rs 386 on 17 September 2012. The stock had hit a 52-week low of Rs 291.20 on 19 March 2013.
The stock had underperformed the market over the past one month till 25 March 2013, falling 8.66% compared with the Sensex's 3.36% fall. The scrip had also underperformed the market in past one quarter, sliding 15.98% as against Sensex's 2.98% fall.
The large-cap state-run company has an equity capital of Rs 6316.36 crore. Face value per share is Rs 10.
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Coal India (CIL) said after market hours on Monday, 25 March 2013, that the board of directors of the company at its meeting held on 25 March 2013, has approved to convert the loan and current account balance granted to Bharat Coking Coal (BCCL), a 100% subsidiary of the company, aggregating to Rs 2539 crore into 5% non-convertible, redeemable cumulative preference shares as recommended by the audit committee of CIL on date.
The board also approved to amend the Memorandum of Association & Articles of Association of BCCL to facilitate this. This is however subject to the approval of shareholders of BCCL, Coal India said.
Coal India's consolidated net profit rose 8.9% to Rs 4395.11 crore on 12.9% growth in net sales to Rs 17325.04 crore in Q3 December 2012 over Q3 December 2011.
Coal India is the largest coal producer in the world.
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