Two other subsidiaries—Northern Coalfields Ltd and South Eastern Coalfields Ltd—have since Friday agreed to release cash from their coffers. Mahanadi Coalfields will buy back 55,327 shares, representing 2.97% of its equity capital, for Rs292,273 each, valuing itself at Rs54,446.5 crore. Like the two other Coal India subsidiaries before it, Mahanadi Coalfields too has sharply raised its valuation from June last year. Northern Coalfields has valued itself at Rs28,950 crore, compared with Rs4,194 crore in June last year, while South Eastern Coalfields has ratcheted up its valuation from Rs5,100 crore to Rs28,712 crore. While these two raised their valuations five- and seven-fold, Mahanadi Coalfields has raised by it by as much as 12-fold.

Source: Mint March 01, 2017 23:15 UTC