State-owned Nalco announces share buyback worth INR 505 crore
On Wednesday, November 14, the state-owned National Aluminium Company Limited (Nalco) announced share buyback offer worth INR 505 crore.
“The date of opening of the buyback is Tuesday, 13 November, and the date of closing of the buyback offer is Wednesday, 28 November,” National Aluminium Company (Nalco) said in a filing to BSE.
The company added about its extensive plans for brown field and green field expansion that also include the ongoing fifth stream refinery of 1 million tonne per annum capacity in its existing alumina refinery at Damanjodi, and 60,000 million tonne per annum capacity of aluminium alloy wire rod plant at existing smelter and development of Pottangi bauxite mines.
Last month, the company said that its board approved a proposal to buy back shares worth INR 504.8 crore.
“The board of directors...in its meeting held on 12 October, 2018 has unanimously approved....the proposal to buy back not exceeding 6,73,11386 equity shares...in cash for an aggregate consideration not exceeding Rs504,83,53,950,” Nalco had informed BSE.
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