Coal India rises seeks power to buy back shares

COAL-INDIA-RISES:Coal India rises seeks power to buy back shares

 

Reuters Market Eye - Shares in Coal India gain 1.2 percent after the company proposed in its 2011/12 annual report to be able to buy back shares, which it cannot do under its current Articles of Association.

Coal India will issue the proposal to shareholders during its Annual General Meeting on September 18.

The state-run coal producer had net cash of 566.8 billion rupees at the end of March, according to J.P.Morgan estimates.

($1 = 55.2800 Indian rupees)