Aluminium maker Nalco’s ₹ 2,835 crore offer to buyback 64.43 crore shares will open on August 30,2016
The
public sector undertaking on Thursday Aug 25,2016 submitted the copy of public
announcement and the letter of offer for the shareholders to the stock
exchanges.
SBI Capital Markets is acting as the manager for the offer, it said a regulatory filing.
“The buyback offer will open on August 30 ,2016 and close on September 14, 2016,” it added.
The
offer size represents 22.15 %of the aggregate of the fully
paid-up share capital and free reserves of the Navratna company for the
financial year ended March 31, 2015.
In May 2016, the
state-run firm had announced plans to buyback shares not exceeding
64,43,09,628 (representing 25 % of the total number of equity
shares in the paid—up share capital of the company).
The
buyback is to happen “at a price of ₹ 44 per equity share payable in
cash for an aggregate consideration not exceeding ₹ 2,834.96 crore.
The Government holds 80.93 % stake in Nalco.
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