NMDC To Buy Back Shares Worth Rs. 7,528 Crore

NMDC is reportedly said it will buy back over 80.08 crore shares worth Rs 7,527.76 crore, according to reports. Report says that a major portion of the buyback will go to the government. The move will help the government in realising its disinvestment target of Rs. 56,500 crore for the fiscal.

The company also reportedly said that the buyback shall not be exceeding 25 per cent of the aggregate of fully paid up share capital. NMDC Ltd ended at Rs. 94.35, up by Rs. 0.55 or 0.59% from its previous closing of Rs. 93.8 on the BSE.

The scrip opened at Rs. 94.2 and touched a high and low of Rs. 95 and Rs. 94.1 respectively. A total of 1679730(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 37406.94 crore.

The BSE group 'A' stock of face value Rs. 1 touched a 52 week high of Rs. 119.25 on 02-Jul-2015 and a 52 week low of Rs. 75.2 on 12-Feb-2016. Last one week high and low of the scrip stood at Rs. 95.35 and Rs. 89.75 respectively. The promoters holding in the company stood at 80 % while Institutions and Non-Institutions held 17.35 % and 2.65 % respectively. The stock traded above its 200 DMA.

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