profit-making unlisted subsidiaries of Coal India, as per a govt. directive, will buyback shares this year in addition to pay the regular dividends to Coal India. These include: Central Coalfields, South Eastern Coalfields, Western Coalfields, Mahanadi Coalfields and Northern Coalfields.
Rs 6,000 crore
will be handed over by these 5 to the parent company through a mix of share buybacks and dividends by the end of next month.
Rs. 39 crore
Net loss declared by Coal India on a standalone basis for the third quarter of 2016-17, primarily because its subsidiaries had not paid any dividend to the company and it had to shell out Rs 3,650 crore for buying back its own shares from the government and other shareholders. All of this will now change with influx of Rs. 6,000 crore.