Coal India rose 0.38% to Rs 222.90 at 09:48 IST on BSE after the company's board of directors approved the buyback of equity shares at Rs 235 per share.
The announcement was made after market hours yesterday, 4 February 2019.Meanwhile, the S&P BSE Sensex was up 22.96 points, or 0.06% to 36,605.70
On the BSE, 41,000 shares were traded in the counter so far, compared with average daily volumes of 1.60 lakh shares in the past two weeks. The stock had hit a high of Rs 223.50 and a low of Rs 220.20 so far during the day.
Coal India said that the company's board of directors has approved the buyback proposal for purchase of its own equity shares not exceeding 4.46 crore shares at Rs 235 per share for an aggregate consideration not exceeding Rs 1050 crore on a proportionate basis through the tender offer route. Coal India has fixed record date as 15 February 2019 for the purpose of ascertaining the eligibility of the shareholders to participate in the buyback.
Coal India's consolidated net profit jumped 732.73% to Rs 3084.70 crore on 26.28% rise in total income to Rs 24209.33 crore in Q2 September 2018 over Q2 September 2017.
Coal India is an organized state owned coal mining corporate and is the single largest coal producer in the world.
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