Nalco has said that its board has given its approval to the proposal to buy back 64.43 crore shares worth close to Rs 2,835 crore, this move will lead to liquidation of government’s stake in the firm.

The company has said in a regulatory filing that its board approved buyback of not exceeding 64,43,09,628 equity shares of the company (representing 25 percent of the total number of equity shares in the paid-up share capital of the company).

It further said that the buyback will happen “at a price of Rs 44 per equity share payable in cash for an aggregate consideration not exceeding Rs 2834.96 crore.”

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