The government has garnered about Rs 2,638 crore from buyback of shares of state-run Coal India Ltd, Parliament has been informed. CIL has bought back “7,88,42,816 shares from Government of India out of the total offer of 10,89,55,223 equity shares @ Rs 335 per equity shares. Accordingly, Government of India received around Rs 2,638 crore as buyback proceeds,” Coal Minister Piyush Goyal said in a reply to the Lok Sabha.
The proposed buyback of Rs 1,001.8 crore pertained to CIL arm Central Coalfields. CCL, in its board meeting held on March 3rd, approved to undertake buyback of shares amounting to |Rs 1,001.8 crore and submitted its proposal to the CIL Board.
The valuation submitted by CCL was considered by the CIL Board in its meeting held on March 6th and accordingly, it requested CCL to reconsider the valuation for the sake of consistency for undertaking buyback.