New Delhi: The country’s leading miner Coal India Ltd (CIL) today said its shareholders have approved buyback of 10.89 crore shares worth Rs 3,650 crore.
In a BSE filing, CIL said its shareholders have given approval for buyback of equity shares of 10.89 crores at Rs 335 a share. The approval for buyback of Rs 3,650 worth shares was sought through a postal ballot. The Finance Ministry is pushing for buyback of shares by CPSEs. This is being done for two purposes — to generate cash for the government and help push up the valuation for any divestment.
In the last one year, CIL has seen depletion in its cash reserve by 18 per cent, or Rs 8,700 crore, to Rs 38,300 crore as on March 2016.
