Coal India‘s share buyback programme worth Rs 3,650 crore would be opening on October 3.

The company has offered about the “Letter of Offer” in a BSE filing, SBI Capital Markets is the manager to the buyback offer that closses on October 18.

According to the filing, the offer would be for buyback of equity shares not exceeding 10,89,55,223 of face value of Rs 10 each at a price of Rs 335 per equity share for cash aggregating up to Rs 3,650 crore on a proportionate basis, from the eligible shareholders by way of a tender offer through the stock exchange mechanism.

It has said that “the offer size represents approximately 24.95 percent of the aggregate of the fully paid-up share capital and free reserves, as per the audited accounts of the company for the financial year ended March 31, 2016 and is within the statutory limits of 25 percent of the aggregate of fully paid up share capital and free reserves.”

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