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.