State-owned mining behemoth NMDC on Saturday July 02,2016 said it will buy back over 80.08 crore shares worth Rs 7,527.76 crore, most of which will go to the government.
It provided this information to stock exchagne BSE in its postal ballot notice, which "seeks approval of the members (shareholders) by way of special resolution through postal ballot for buyback of not exceeding 80,08,25,526 equity shares of the company... through a tender offer route at a price of Rs 94 equity share of face value of Re 1 each in cash for an aggregate consideration not exceeding Rs 7,527.76 crore".
A major portion of the buyback will go to the government, which owns 80 per cent in the Hyderabad-based minerals explorer.
The move will help the government in realising its disinvestment target of Rs 56,500 crore for the fiscal year.
Further, the company said the buyback shall not be exceeding 25 per cent of the aggregate of fully paid-up share capital and free reserves of the company.
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