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Coal India's board gives nod for 36.5B rupees share buyback

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Coal India's board gives nod for 36.5B rupees share buyback

Coal IndiaLtd.'s board has agreed upon a proposal to buy back 1.72% of itsoutstanding shares for 36.5 billion Indian rupees, The Hindu wrote July 11.

At 335 Indian rupees per share, the buyback would be fundedby the company's own cash resources.

The Indian government, which owns a 79.65% interest in CoalIndia, is expected to generate revenue from the buyback.

According to a previous report, the share buyback will alsoaid in increasing the company's valuation for any future divestment.

As of July 12, US$1was equivalent to 67.08 Indian rupees.