Board of NMDC approves proposal for buyback of shares

At meeting held on 07 June 2016

NMDC announced that the Board of Directors of the Company at its meeting held on 07 June 2016, inter alia, has:

- Approved by majority vote the proposal to buy back by the Company of its fully paid-up equity shares of Re. 1 each not exceeding 80,08,25,526 (Eighty Crore Eight Lakhs Twenty Five Thousand Five Hundred and Twenty Six Only) equity shares (representing 20.20% of the total number of equity shares in the paid-up share capital of the Company and is not exceeding 25% of the total number of equity shares in the paid-up share capital of the Company i.e. 99,11,79,000 equity shares) at a price of Rs. 94/- (Rupees Ninety Four only) per equity share (the Buy Back Offer Price) of face value of Rs 1 each payable in cash for an aggregate consideration not exceeding Rs. 7527,75,99,499 (Rupees Seven Thousand Five Hundred and Twenty Seven Crores Seventy Five Lakh Ninety Nine Thousand Four Hundred and Ninety Nine only) (the "Buyback Offer Size") which is not exceeding 25% of the aggregate of the fully paid-up share capital and free reserves as per the audited accounts of the Company for the financial year ended March 31, 2016 from the equity shareholders of the Company, as on the record date, on a proportionate basis, through the Tender Offer route as prescribed under the Buyback Regulations

The Board of Directors noted the intention of the Promoter of the Company to participate in the proposed Buyback.

The Board of Directors has constituted a Buyback Committee and delegated its powers to the buyback Committee to do all such acts, deeds, matters and things as it may, in its absolute discretion, deem necessary expedient, usual or proper in connection with the buyback.

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