Kolkata: As a result of dividends paid and shares sold through various modes by the end of this financial year, Coal India Ltd will draw about Rs 19,000 crore for the government, nearly double the amount drawn last fiscal. Coal India also increased its reserves from Rs 18,000 crore to Rs 28,000 crore. The Coal India Limited (CIL) posted a 2.8-fold growth each in total comprehensive income and net sales, taking the two to Rs 11,518 crore and Rs 66,192 crore, respectively, in the nine months ending December.
The Coal India Limited (CIL) posted a 2.8-fold growth each in total comprehensive income and net sales, taking the two to Rs 11,518 crore and Rs 66,192 crore, respectively, in the nine months ending December
Profits in last three quarters helped reserves
“Handsome profits made in the last three quarters have helped increase the reserves despite handsome returns to the government,” a Coal India official said.
After two rounds of dividend and a buyback, CIL will pay the Centre Rs 9,155 crore this year, the official said. Around Rs 4,500 crore from this amount was paid after the announcement of the first round of dividend, and Rs 3,605 crore will be paid additionally as the second round of dividend later in March, while Rs 1,050 crore has also been announced recently as share buyback.
The state-owned coal production company has also earned the Centre Rs 9,315 crore via share sale under various modes. The recently concluded offer-for-sale for the public fetched the Centre a total of Rs 5,218 crore, while an offer-for-sale for employees raised it to Rs 17.33 crore.
Through an exchange-traded fund (ETF) announced some months back, Coal India has also raised Rs 4,079.67 crore. One more ETF round floated on Tuesday, will likely raise Rs 665 crore at least, the official added.