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Home >Companies >News >NALCO announces 749-cr share buyback at 57.5 per share

National Aluminium Company (NALCO) on Wednesday approved share buyback of 13.03 crore shares at 57.50 per share. The company is thus offering shares worth 749.23 crore.

"The public announcement setting out the process, timelines and other requisite details for the offer will be released in due course in accordance with the Buyback Regulations," the company said in a regulatory filing.

NALCO also announced that it has fixed 8th February 20 as the record date for the purpose of ascertaining the eligibility of shareholders for buyback of equity shares.

On Wednesday, NALCO's scrip on BSE was trading 3.03% higher at 47.55 intra-day.

The shares offered for the buyback are fully paid-up equity shares of face value of 5 each representing 6.98% of the total number of fully paid-up equity shares in the paid-up share capital of the company for the financial year ended March 31, 2020, NALCO mentioned.

Earlier, the government has asked about eight state-owned companies to consider share buybacks as it looks for ways of raising funds to rein in the burgeoning fiscal deficit.

Recently, government-owned gas distribution company GAIL Ltd announced a buyback plan of 6.97 crore equity shares with a face value of 10 each representing 1.55 per cent of the total number of fully paid-up equity shares.



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