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NMDC Ltd board approves buyback of shares at Rs. 98 through tender offer route

Posted On: 2019-01-09 08:25:49

The Board of Directors of NMDC Ltd in their meeting held on 8th January 2019 has approved the proposal to buyback of not exceeding 10,20,40,815 equity shares (representing 3.23% of the total number of equity shares in the paid-up share capital of the Company) at a price of Rs. 98 (Rupees Ninety-Eight only) per equity share (the "Buy Back Offer Price") payable in cash for an aggregate consideration not exceeding Rs. 1,000 Crore (Rupees dne Thousand Crore only) (the "Buyback Offer Size") representing 4.11 % of the aggregate of the fully paid-up equity share capital and free reserves as per the audited standalone financial statements of the Company for the financial year ended March 31, 2018 and is within the statutory limits of 10% (Ten Percent) of the aggregate of the fully paid-up equity share capital and free reserves under the board of directors approval route as per the provisions of the Companies Act, 2013 from all the equity shareholders of the Company, as on the record date, on a proportionate basis through a Tender Offer route in accordance the Securities and Exchange Board of India (Buy-Back of Securities) Regulations, 2018 (the "Buyback Regulations") (hereinafter referred to as the "Buyback"), subject to all other applicable statutory approvals.

Shares of NMDC LTD. was last trading in BSE at Rs.94.95 as compared to the previous close of Rs. 95.05. The total number of shares traded during the day was 287265 in over 1177 trades.

The stock hit an intraday high of Rs. 95.9 and intraday low of 94.3. The net turnover during the day was Rs. 27251370.


Source: Equity Bulls

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