Coal India has moved higher by 3% at Rs 370 on reports that the state-owned mining company has decided to buy back its own shares.
The coal producer will seek shareholder approval at its upcoming annual general meeting (AGM) on September 18 to amend its Articles of Association in order to facilitate the buyback.
“Resolved that pursuant to section 31 and other applicable provisions, if any, of the Companies Act 1956, the Articles of Association of the company be altered to include clause 18A after clause 18 to provide for buyback of shares,” the company has said in the notice for the resolution to be placed before its shareholders at the AGM.
The stock opened at Rs 358 and hit a high of Rs 371 on the NSE. A combined 3.2 million shares have already changed hands on the counter so far against an average around two million shares were traded daily in past two weeks.
