Nalco board approves Rs 749 cr share buyback plan

Nalco board approves Rs 749 cr share buyback plan

State-owned National Aluminium Company Ltd (Nalco) on Thursday approved buyback of 13.02 crore shares for about Rs 749.10 crore.

“The board of directors of the company in their meeting held on January 27, 2021, has inter-alia approved…buyback of not exceeding 13,02,79,083 (Thirteen Crore Two Lakh Seventy Nine Thousand Eighty-Three) fully paid-up equity a price of Rs 57.50 per equity share…in cash for an aggregate consideration not exceeding Rs 749,10,47,273 (Rupees Seven Hundred Forty-Nine Crore Ten Lakh Forty-Seven Thousand Two Hundred Seventy Three only, ” Nalco said in a BSE filing.

The PSU further said that the public announcement setting out the process, timelines and other requisite details will be released in due course in accordance with the buyback regulations.

Nalco is a navratna CPSE under the Ministry of Mines. The company has integrated and diversified operations in mining, metal and power.

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