Nalco buys back 64.43 crore shares worth Rs 2,835 crore

Aluminium maker Nalco today said the firm has purchased around 64.43 crore shares worth close to Rs 2,835 crore under its buyback offer.
In May, the state-run firm has announced the buyback of up to 64,43,09,628 shares (representing 25 per cent of the total number of shares in the paid-up share capital of the company).
"The total number of equity shares bought back under the buyback offer are 64,43,09,628 equity shares at a price of Rs 44 per equity share," the Navratna firm said in a regulatory filing.
The firm's offer to buyback of shares had opened last month on August 30 and closed on September 14, 2016.

It further said: "The total amount utilised in the buyback of equity shares is Rs 2834,96,23,632 excluding transaction costs viz brokerage, applicable taxes such as securities transaction tax, service tax, stamp duty, etc."
SBI Capital Markets acted as the manager for the buyback offer.
Government, which holds 80.93 per cent stake in Nalco, was earlier planning to divest 10 per cent shareholding in the firm to raise about Rs 1,300 crore, but the plan was dropped on account of volatility in the share markets.
The offer size represented 22.15 per cent of the aggregate of the fully paid-up share capital and free reserves of the Navratna company for the financial year ended March 31, 2015.