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Last Updated : Jan 09, 2019 07:50 PM IST | Source: PTI

NMDC board approves Rs 1,000 crore buyback plan

The finance ministry on January 8 approved the miner's buyback plan.

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State-run iron ore producer NMDC on January 9, said its board has approved a Rs 1,000-crore share buyback plan. It will buy back 10.20 crore shares at Rs 98 apiece from shareholders, the company stated in a BSE filing.

The finance ministry on January 8 approved the miner's buyback plan.

"...the board approves the buyback by the company of its fully paid-up equity shares of Re 1 each not exceeding 10,20,40,815 equity shares (representing 3.23 per cent of the total number of equity shares in the paid-up share capital of the company) at a price of Rs 98 per equity share payable in cash for an aggregate consideration not exceeding Rs 1,000 crore the buyback offer size..." NMDC stated.

The miner will decide on January 18 the names of shareholders who would be eligible to participate in the offer.

The finance ministry has already given its nod to the company's buyback plan.

The government holds 72.43 percent in NMDC.

It has already lined up buyback offers of nine public sector undertakings -- ONGC, Oil India, IOC, NHPC, BHEL, Nalco, Cochin Shipyard, NLC and KIOCL. These would cumulatively fetch about Rs 9,000 crore to the exchequer.
First Published on Jan 9, 2019 07:44 pm
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