Coal India Ltd (CIL) is hopeful of completing the government-dictated estimated ₹6,000 crore share buyback by September. On Saturday, the CIL board approved buyback offers from four cash mining subsidiaries - Mahanadi Coalfields, Western Coalfields, South Eastern Coalfields and Northern Coalfields. While offers from Ranchi-based Central Coalfields are yet to be approved, the subsidiaries have agreed to pay a total of ₹5,400 crore to buy back shares from the parent. The buyback will not change the ownership pattern, as the share will be extinguished. Dhanbad-based Bharat Coking Coal and Asansol-based Eastern Coalfields have both just come out of prolonged sickness and are out of the purview of the scheme. Research wing CMPDI also didn't qualify for the buyback. The actual outgo of CIL in buying back shares from the market will be known in August when the company finalises its first quarter results. As per rules, the company may spend up to 25 percent of the free reserve in share buyback. Sources said that normally, such a proposal takes a little over three months from the offer stage to get completed. The scheme will leave a direct impact on CIL's cash reserve of ₹38,000 crore as on March 31, 2016. Benefits are dependent on the buoyancy in share value in the stock market