NMDC announces share buyback worth Rs 1378.05 crore at Rs 105 per share

The state-owned iron ore company National Mineral Development Corporation (NMDC) on Tuesday, November 10, 2020, announced that its board has approved buyback of 13.12 crore equity shares of the company. The price for the buyback has been set at Rs 105 per share.

It further notified that the company has fixed November 23, 2020, as the record date to ascertain the eligibility of shareholders for Buyback of equity shares.

NMDC in a regulatory filing said, "The Board of Directors of the company in its meeting held on November 10, 2020, approved buyback of fully paid-up equity shares of the company of face value of Rs 1 per share. Buyback of not exceeding 13,12,43,809 fully paid-up equity shares of the face value of Re. 1/- each (representing 4.29% of the total number of fully paid-up equity shares in the paid-up share capital of the Company) at Rs 105 per equity share for an aggregate consideration not exceeding Rs. 1378.05 crore."

It adds, the Buyback Offer Size does not include any expenses incurred or to be incurred for the Buyback like filing fees payable to the Securities and Exchange Board of India, advisors fees, public announcement publication expenses, printing, dispatch expenses, applicable taxes inter alia including buyback taxes, securities transaction tax, goods and services tax, stamp duty and other incidental and related expenses.