MOIL fixes Aug 8 as record date for share buyback

The offer is for fully paid-up shares of the company at a price of Rs 248 a share payable in cash

Manganese miner MOIL on Thursday said it has fixed August 8 as the record date for its share buyback programme worth Rs 863.34 crore.

"The company has fixed August 8 as the record date for the purpose of determining the entitlement and names of the shareholders, who are eligible to participate in the buyback offer," it said in a regulatory filing.

The offer is for fully paid-up shares of the company not exceeding 3.48 crore shares (representing 20.72% of the total number of shares) at a price of Rs 248 a share payable in cash for an aggregate consideration not exceeding Rs 863.34 crore, it added.

On Wednesday, the firm said its shareholders through a postal ballot have approved the buyback of shares not exceeding 25% of the total number of shares in the paid-up share capital of the company.

Last month, the state-run firm had announced its share buyback plans. Government holds 80% stake in MOIL.

The department of investment and public asset management (DIPAM), previously known as department of disinvestment, has been asking such public sector undertakings (PSUs) to utilise surplus cash in either capex or buy back.