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NMDC board approves Rs 1,000-cr buyback plan

twitter-logo PTI        Last Updated: January 9, 2019  | 18:52 IST

New Delhi, Jan 9 (PTI) State-run iron ore producer NMDC Wednesday 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 Tuesday 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 per cent 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. Shares of NMDC Wednesday ended 3.74 per cent down at Rs 91.40 apiece on the BSE. PTI ABI HRS

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