The maximum buyback size is Rs 1,028.77 crore, or up to 25 per cent of the paidup capital.The BSE filing suggested the subsidiary is wholly-owned by the government. The offer size represents 23.82 per cent of the paidup capital of the company. The two buybacks will add Rs 1,978 crore to the government's kitty. This company is also full owned by the governmentShares of Mahanadi Coalfields have been valued at Rs 23,171.89 apiece having a face value of Rs 1,000 while Northern Coalfields would buy back its shares for Rs 23,610.04 a share. After the share buyback, the number of shares in the subsidiary will slip to 14,20,036 shares from 18,64,009 shares at present.The board of Northern Coalfields has also approved buyback of 4,01,827 fullypaid equity shares of face value of Rs 1,000 each.The total number of equity shares would not exceed 25 per cent of the paidup equity shares capital and free up reserves and the maximum buyback size is Rs 948.72 crore.

Source: Economic Times June 13, 2016 06:02 UTC