National Aluminium Company (NALCO)  said that it will buy back Rs 749-crore worth of shares. The offer opens on February 25 and closes on March 10. The government holds 51.50 percent stake in the company and would tender shares proportionate to its holding.

Reacting to the development,  Shares of National Aluminium Company gained over 2 per cent intraday on Thursday, February 18.

"NALCO has made an offer for buyback of its equity shares for an amount up to Rs 749 crore. As the promoter, Govt of India has decided to participate in the buyback to the extent that GoI equity remains at least 51 percent," Pandey tweeted.

Finance Minister Nirmala Sitharaman had in the Budget 2020-21 set a target of raising Rs 2.1 lakh crore from privatisation and sale of minority stakes in state-owned companies. So far in this fiscal, the government has garnered Rs 17,957 crore from CPSE minority share sale and buyback.

At the earning front, the company reported a consolidated profit of Rs 239.71 crore for the quarter ended December 31, 2020. However, the company had posted a consolidated loss of Rs 33.90 crore in the corresponding quarter of the previous financial year, Nalco said in a filing to the BSE.

During the late morning at 11.30 am, the BSE Sensex traded lower by 139 points at 51564, while the NSE Nifty stood at 15182, down 26 points in trade.

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