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.

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