Modi govt to ask Coal India, NTPC among others for cash via buybacks
India is planning to ask some state-owned companies to repurchase shares to help the government shore up its finances amid the coronavirus pandemic, according to a person with knowledge of the matter.
Coal India Ltd., NTPC Ltd., NMDC Ltd., MOIL Ltd., KIOCL Ltd, and Engineers India Ltd. are among the eight companies that might be asked to buy back shares this year, the person said, asking not to be identified as the information is not public. The government, being the largest shareholder in these companies, will benefit from the transactions by tendering the equity it holds in return for cash.
