SEBI relaxes norms for Coal India's buyback proposal: Media report

The company had filed an application on February 12 with Sebi requesting the exemption from the strict enforcement of the buyback norms.

Feb 21, 2019 03:02 IST India Infoline News Service

The Securities and Exchange Board of India (SEBI) exempted state-owned Coal India from complying with regulations with regard to its proposed buyback programme for 4.46cr shares, a PTI report stated.

As per the report, the company had filed an application on February 12 with Sebi requesting the exemption from the strict enforcement of the buyback norms.

The application has been necessitated on account of the transfer of 4.46cr equity shares of Coal India, which were held by the government, to the asset management company of the Bharat 22 ETF in the month of February, the report said citing SEBI order.

The government of India said additional offering period of Bharat 22 ETF was opened and closed on February 14, 2019.

Under buyback regulations, it imposes an obligation on the company to ensure that its promoters do not deal in the shares of the company in the stock exchange or off-market including inter-transfer of shares among themselves during the period from the date of passing the resolution of the board of directors till closing of the buyback offer, the report said.

Coal India Ltd's share price ended at Rs215.30, up by Rs0.85 or 0.4%, from its previous close of Rs214.45 on the BSE.
The scrip opened at Rs215.05 and touched a high and low of Rs216.25 and Rs213.70, respectively. A total of, 67,91,453 (NSE+BSE) shares have traded on the counter. The current market cap of the company is Rs1,33,645.52cr.

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