Kolkata, (IANS) : Coal India Ltd on Saturday said its wholly-owned subsidiary Northern Coalfields Ltd (NCL) has approved buyback of 76,356 fully paid equity shares for an aggregate amount not exceeding Rs 1,244 crore.

“The Board of Directors of NCL at its meeting held on February 24, 2017 has considered and approved the buyback of 76,356 fully paid equity shares of face value of Rs 1,000 each from the members of NCL on a proportionate basis through tender offer … for an aggregate amount not exceeding Rs.1244.1218 crore…” it said in a BSE filing.

The equity shares proposed to be bought back by miner’s subsidiary represent 4.2975 per cent of the existing paid-up capital of NCL.

“The equity shares are proposed to be bought back by NCL at a price of Rs 1, 62,937 per equity share,” the miner said.

Since NCL is wholly-owned subsidiary, both pre and post buyback by NCL, Coal India will hold 110 percent of the paid-up equity share capital, it added.