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NMDC the mining giant and manganese miner MOIL have announced share buyback programmes worth close to Rs 8,400 crore, out of that the major portion will go to government that owns 80 percent in both the PSUs.
The government will get help with this move in realising its disinvestment target of Rs 56,500 crore for the fiscal.
NMDC which is the largest iron ore miner of India has said that its Board has approved the proposal of buyback by the company shares not exceeding 80.08 crore representing 20.20 percent of the total number of equity shares at a price of Rs 94 for an aggregate consideration not exceeding Rs 7,527.76 crore.
It said in a regulatory filing that the Board of Directors noted the intention of the Promoter of the Company to participate in the proposed buyback.
MOIL has said in a filing that its Board has given the go ahead for buyback by the company up to 3.48 crore shares representing 20.72 percent stake at a price of Rs 248 for an aggregate consideration not exceeding Rs 863.34 crore. The promoter will also participate in the buyback.
