National Aluminium Company Ltd.(Nalco) has announced share buyback offer worth Rs 505 crore. The state-owned mining company said, “The date of opening of the buyback is Tuesday, Nov. 13, and the date of closing of the buyback offer is Wednesday, Nov. 28,” in a BSE filing.
National Aluminium Company also said that it has extensive plans for brownfield and greenfield expansion, which includes the ongoing fifth stream refinery of 1 MTPA capacity in existing alumina refinery at Damanjodi.
Nalco also plans to establish 60,000 MPTA alloy wire rod plant at existing smelter and development of Pottangi bauxite mines. As per the company’s statement, the company’s board has approved a proposal to buy back shares worth Rs 504.8 crore in the previous month.
Nalco’s statement to BSE read, “The board of directors in its meeting held on Oct. 12, 2018, has unanimously approved the proposal to buy back not exceeding 6,73,11386 equity shares in cash for an aggregate consideration not exceeding Rs 504,83,53,950.”