 "Board approves NLC India's Rs 12.48-billion share buyback plan")
NLC India Ltd, a coal mining PSU (Public Sector Unit), has received the go-ahead from its board for the company's promoters to buy back 141.9 million equity shares, which is 9.28 per cent of the total equity shares. The buyback will be carried out a price of Rs 88 per equity share, for a total consideration of Rs 12.48 billion.
The shares would be purchased from equity shareholders on a proportionate basis through a tender offer, in accordance with Securities and Exchange Board of India (Sebi) regulations and subject to other statutory approvals.
The President of India holds 83.94 per cent stake in the company, while financial institutions and banks hold around 12.40 per cent.
One subscription. Two world-class reads.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%