National Aluminium Company Ltd (NALCO), one of the largest integrated Bauxite-Alumina-Aluminium-Power Complex in the Country, on Thursday approved buyback (repurchase of shares) of 13.02 crore shares for about Rs 749.10 crore.
''The board of directors of the company in their meeting held on January 27, 2021, has inter-alia approved the buyback of not exceeding 13,02,79,083 (Thirteen Crore Two Lakh Seventy Nine Thousand Eighty-Three) fully paid-up equity shares..at a price of Rs 57.50 per equity share...in cash for an aggregate consideration not exceeding Rs 749,10,47,273 (Rupees Seven Hundred Forty-Nine Crore Ten Lakh Forty-Seven Thousand Two Hundred Seventy-Three only, '' Nalco said in a Bombay Stock Exchange filing.
NALCO further said that the public announcement setting out the process, timelines and other requisite details will be released in due course in accordance with the buyback regulations.
Nalco is a Navratna CPSE under the Ministry of Mines. The company has integrated and diversified operations in mining, metal and power. Globally, NALCO has achieved the distinction of being the lowest cost producer of Bauxite and Alumina in the world for the year 2019 as per the latest report of Wood Mackenzie. With sustained quality products, the Company’s export earnings accounted for about 42 percent of the sales turnover in the year 2018-19 and the Company was rated 2nd highest net export earning CPSE in 2018-19 as per Public Enterprise Survey report.
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