State-owned Coal India Ltd has spent Rs 513 crore on corporate social responsibility projects in FY 23, which is 15.3% more than the statutory requirement of Rs. 445 crore, a company release said. The mandated target for expenditure on CSR by Coal India during the last three years was Rs 1,284 crore.
During a four-year span till the closure of financial year 2023, CIL as whole spent a total of Rs. 2,238 crore under its CSR umbrella, the release said. This is 29% higher than Rs.1,735 crore mandated as per Company (CSR) rules 2014.
The increase in absolute terms was Rs 503 crore, the release added.
Some of the major CSR projects undertaken ere the construction of 5,000 seater library at Ranchi University, the reconstruction of rain shelter cum common facility center in Badrinath, the establishment of centralized kitchen for providing mid-day meals to 50,000 students in Ramgarh (Jharkhand) among others.
Treatment of thalassemia children, belonging to financially weaker sections of the society, for cure through bone marrow transplantation is another CSR initiative of CIL.
Coal India shares fell nearly 5% in Thursday’s trade after the government announced that it will sell 3% stake in the state-run miner via an offer for sale (OFS) route. The two-day OFS which opens today is expected to raise Rs 4,200 crore for the government.
The government has proposed to sell up to 9.24 crore shares, representing 1.50% of the total paid-up equity as a base offer with an option to additionally sell 9.24 shares or 1.5% of the company equity in the event of oversubscription.
