Nalco Board to discuss share buyback on Apr 22

State-run aluminium maker Nalco's Board will discuss the estimated Rs 3,250 crore share buyback on April 22.
"A meeting of Board of Directors of the company will be held on April 22, 2016, inter alia, to consider the proposal for alteration in articles of association of the company and buyback of the fully paid-up equity shares of the company," Nalco said in a regulatory filing.
In January this year, the Mines Ministry had said that the Finance Ministry asked it to allow Nalco to buyback 25 per cent of governments stake in the Navratna company in a bid to tap PSUs funds to make up for shortfall in disinvestment proceeds.

Sources said government may raise about Rs 3,250 crore by selling 25 per cent of its shares to Nalco.
Earlier, the government was hoping to sell 10 per cent stake in Nalco to raise about Rs 1,300 crore but volatile markets have derailed its plans.
Government has also directed central public sector enterprises to pay 30 per cent dividend and cash-rich PSUs like Coal India to issue bonus shares.