Coal India Ltd.

Coal India has received an approval to convert the Loan & Current Account balance granted to BCCL, its 100% subsidiary aggregating to Rs. 2539 crore into 5% Non-Convertible, Redeemable Cumulative Preference Shares as recommended by the Audit Committee of CIL on date.

The board at its meeting held on March 25, 2013 has approved the same.

The world’s largest coal miner is aiming to achieve a production of 492 million tonnes for financial year 2013-14, around 6% higher than the current year’s expected production. The company targeted to mine 464 million tonnes of coal this fiscal year ending March 2013.