Coal India Fixes Record Date For Share Buyback
New Delhi: State-owned Coal India on Monday said it has fixed September 9 as the record date for a buyback of its shares.
The country's leading miner had last week announced that its shareholders approved buyback of 10.89 crore shares at a price of Rs 335 apiece, aggregating to Rs 3,650 crore.
"The buyback Committee of the Board of Directors...has approved September 9, 2016 as record date for buy-back of shares of CIL to determine the entitlement of equity shareholders in the buy-back, the shareholders who would be eligible to participate in the buy-back and the shareholders to whom the letter of offer...will be delivered in relation to the buy-back," Coal India said in a filing to the BSE.
On Monday, shares in Coal India closed marginally up at Rs 333.85 apiece on the BSE, whose benchmark Sensex index finished up 0.43 per cent.
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.
The government has set a disinvestment target of Rs 56,500 crore for 2016-17. Of this, Rs 36,000 crore is expected to come from sales of minority stakes.
The Centre also needs to bring down its stake in CIL below 75 per cent to adhere to market regulator Sebi's norms. The deadline for ensuring this is August 2017.
-
Signature Play: The Classic Cocktail Is Dead. Or Is It?
Classic cocktails are disappearing from India's cocktail menus. But they're still being ordered, taught to bartenders and borrowed from. So, who's really having the last drink?
-
A New Samvat Wishlist: Inclusive Prosperity And Human Development
India has strengthened its economic foundations through infrastructure, digital access and enterprise. Its next growth chapter must deepen productivity, create better livelihoods and widen participation in prosperity.
-
Love, Sex Aur Dhokha: The Audacious Plot To Spy On Jensen Huang
A Taipei dinner, a Singapore chip buyer and a suspected Chinese asset: inside the alleged spy operation that got close to NVIDIA's Jensen Huang.
-
Ten Things I Learnt This Samvat
Patience can be a trap. Cheap stocks can stay cheap. Leverage can wipe you out. What did Samvat 2082 teach us? Niraj Shah writes on 10 lessons from the year gone by.
-
Talking Points This Week: Tech Nerves, FII Buying, And A Faraway Banking Shock
The global markets are not shining this Diwali. The exception in the large markets is, India.
-
Midterm Rally Lasted A Day. The Hard Reality Of A Divided US May Last Two Years | Opinion
Between a contested AI boom, a debt ceiling that arrives in 2027 and a president with every incentive to act alone, the next two years may prove more volatile than the first day's rally suggests.
-
Blue Wave Will Derail the AI Trade but Won't Dismantle the AI Era | Unhedged Position
The Democrats' sweep of the US Congress will see politics collide with economic forces both over the long and short term.
-
It's Time To Take The GST Council's Bet On Trust Global
Payment records can prove India's services exports, and clear, proportionate rules can bring foreign digital sellers into the tax net.
-
Opinion | India at 38: From Innovation Overperformer to Innovation Powerhouse
India now has 453 VC-backed deep science startups, 18 of them late-stage, after 117 percent growth since 2020. Laurus Labs, at USD 9.3 billion, is the most valuable deep science company in any middle-income economy outside China.
