Western Coalfields seeks exemption on Coal India's share buyback

WCL's net value stood at Rs 3,157 cr with surplus reserve of Rs 2,860 cr

Coal India’s fourth largest mining subsidiary, Western Coalfields Ltd (WCL) is likely to abstain from partially extinguishing its own shares in the ongoing buyback process and thereby will not transfer any of its free reserves to its mother company.

A senior WCL official told Business Standard that it has already sought an exemption from Coal India, which holds 100 per cent stakes in WCL, and is yet to hear back from the company. “As we have expansion plans which entail investments more than our reserves, we have sought an exemption from Coal India in the ongoing share buyback process,” the official,