Aiding the government way for achieving its divestment target, State owned Coal India (CIL) has decided to buy back its equity shares. Further, the company, before applying under the Securities and Exchange Board of India (SEBI’s) buyback regulations, plans to seek its shareholder’s nod at its upcoming 38th annual general meeting (AGM), scheduled to be held on September 18, 2012, in order to amend its Articles of Association in order to facilitate the buyback.
Recently, the near-monopoly coal producer, invited expression of interest (EOI) for selection of a consultant for advising its wholly-owned subsidiary in Mozambique, called Coal India Africana (CIAL), over optimising tax and regulatory issue.
On consolidated basis, the company has reported a rise of 7.85% in its net profit at Rs 4469.26 crore for the quarter, as compared to Rs 4143.92 crore for the same quarter in the previous year. Total income of the company has increased by 15.6% to Rs 18571.96 crore for the quarter under review as compared to Rs 16065.71 crore for the quarter ended June 30, 2011.
