Coal India on Tuesday informed BSE that the board will consider a proposal for buyback of equity shares on July 11, 2016.
Shares of the company jumped as much as 1.78 per cent on Tuesday. However, the scrip closed 1.35 per cent up at Rs 321.75 on Tuesday.
In a BSE filing, the company said, “A meeting of the board of directors of the company will be held on July 11, 2016, inter alia, to consider the proposal for buyback of equity shares of the company and appointment of intermediaries in accordance with all applicable laws.”
The company has achieved production of 42.72 million tonnes in June as against a target of 43.31 mt for the month. The broader goal is to produce 1 billion tonne of the dry fuel by 2020.