NLC to buy back 9% shares for Rs 1,491 crore

The shares will be bought through a tender offer as prescribed under the Buyback Regulations

Neyveli-based public sector firm NLC India is planning to buy back shares worth Rs 1,491 crore from the existing shareholders of the company.

The company received the board approval for a proposal to buy back 150.6 million equity shares representing 8.98 per cent of the total share capital of the company at a price of Rs 99 per share, payable in cash for an aggregate consideration not exceeding Rs 1,491 crore.

The shares will be purchased through a tender offer route as prescribed under the Buyback Regulations, subject to all other applicable statutory approvals, said the company.

The President of India holds 90 per cent of the total equity shares in the company, while financial institutions and Life Insurance Corporation of India hold over three per cent and another minor holding is with the Government of Tamil Nadu.