Coal India will open buyback programme next week for worth Rs 3,650 crore on October 3.
The state-claimed organization told about the "Letter of Offer" in a BSE recording. SBI Capital Markets is the administrator to the buyback offer that closes on October 18.
The offer would be for buyback of value shares not surpassing 10,89,55,223 of face estimation of Rs 10 each at a cost of Rs 335 for every value offer for money collecting up to Rs 3,650 crore on a proportionate premise, from the qualified shareholders by method for a delicate offer through the stock trade system, the documenting said.
"The offer size speaks to around 24.95 for each penny of the total of the completely paid-up offer capital and free holds, according to the examined records of the organization for the money related year finished March 31, 2016 and is inside the statutory furthest reaches of 25 for each penny of the total of the completely paid up offer capital and free reserves…," it said.
The legislature has affirmed buyback of shares by PSUs as it feels utilizing surplus money would be the best alternative for them instead of going for disinvestment.
Buyback helps an organization diminish value by utilizing inert money and consequently give better comes back to shareholders.
The administration expects to gather Rs 56,500 crore through disinvestment in PSUs this monetary.