NMDC Ltd. formerly National Mineral Development Corporation on Wednesday said that the board has approved the proposal of Rs 1,378 crore share buyback. 
The company in a BSE filing said that the decision was taken by the board on its meeting on Tuesday. “The board approved a proposal for buyback of 13,12,43,809 fully paid-up equity shares of a face value of Re 1 each from the company’s shareholders at a price of Rs 105 per equity share payable in cash,” it added.
The company’s share buyback plan will not be aggregating more than the offer size of 13,12,43,809 shares representing 5 per cent to 5.05 per cent of the total fully paid-up equity share capital and free reserves, it added.
On Tuesday, NMDC has posted a rise of over 10 per cent in the consolidated net profit of Rs 772.53 crore for the quarter ended on 30 September, 2020, against net profit of Rs 701.54 crore in the year-ago period. State-owned NMDC is country’s largest iron ore miner and other than iron ore, it is also involved in the exploration of wide ranges of minerals such as copper, lime stone, rock phosphate, dolomite and gypsum.