Coal India Fixes September 9 as Record Date for Share Buyback
State-owned Coal India on Monday said it has fixed September 9 as the record date for buyback of its shares.
The country's leading miner had last week announced that its shareholders have 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 buyback of shares of CIL to determine the entitlement of equity shareholders in the buyback, 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 Bombay Stock Exchange.
Shares of Coal India closed marginally up at Rs 333.85 apiece on BSE.
The Finance Ministry is pushing for buyback of shares by Central Public Sector Enterprises. 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 minority stake sales.
The Centre also needs to bring down its stake in CIL below 75 percent to adhere to market regulator SEBI's norms. The deadline for ensuring this is August 2017.
-
High US Salaries, No Green Card Certainty: The Financial Calculation Facing Indian H-1B Families
The suspension of PERM processing at eight technology employers does not cancel existing H-1B visas. What it does is force a question many Indian families have been avoiding: is the US salary worth tying your career and family plans to one employer?
-
Swiggy vs Eternal: Food Delivery's Two Rivals Are No Longer In The Same Race
Eternal is building a private AI assistant, dark.ai. Swiggy is still working out how to make Instamart pay, with an operating loss of Rs 895 crore in the July-September quarter while Blinkit stayed profitable.
-
Where You Live Shapes How You Get To Work | The Reason Why
Two-wheelers are the most popular way to get to work in India, accounting for nearly 43% of workplace commutes.
-
Unhedged Position: Can India See An Indonesia-Style Time Correction?
The Nifty is trading below levels it first clocked in 2024. Is there, then, as I have suggested in the headline, potential that the current time correction drags on painfully for the next three-five, even ten years?
-
Navigating Friction And Energy Realities: An Analysis Of Marco Rubio's October Visit To India
Occurring at a critical juncture marked by stalled trade negotiations and escalating geopolitical pressures over global energy supplies, the visit offers a profound window into modern US-India relations.
-
India Exports Capital. Why Not Export Trusteeship?
The big question, then, is whether India can build an institution that global borrowers, investors, banks, and lawyers can trust, even without an Indian connection.
-
France's Economy & Politics Are In Crisis | The Reason Why
Let's look at how the French economy and politics evolved under Nicolas Sarkozy, Franois Hollande and Emmanuel Macron.
-
You May Inherit The Business. You Must Earn Its Credibility.
Succession tests the founder's ability to share authority as much as it tests the next generation's readiness to assume it.
-
Signing Deals Is One Thing; Making Them Work Is Another | The Week In Whys
Sometimes, things don't turn out as planned. Indian companies have lost some bids to rivals, some projects won't produce until 2030.
-
FOMC Wall, PERM Suspension, Hospital Stocks | Talking Points This Week
A PERM suspension would directly affect green-card sponsorship rather than H-1B visas, so the near-term earnings impact could remain relatively limited. The key question is whether this marks a new phase in US scrutiny of Indian IT.
