Public sector iron ore miner NMDC Ltd is evaluating the prospects of buy back of shares.
On Thursday, in a regulatory filing, the company said a meeting of its Board of Directors on June 7 will consider a proposal for buy back of the fully paid-up equity shares (face value of Rs.1 each).
As per the shareholding pattern, in the Union Ministry of Steel enterprise, the promoter (President of India) holding is 80 per cent while the remaining 20 per cent is with the public. A chunk of the public holding is with institutional investors. NMDC shares on Thursday closed at Rs. 86.45 each.
It’s decision to consider buy back of shares comes in the backdrop of Union Finance Ministry, on May 27, writing to the administrative ministries/departments to take necessary action for compliance of the guidelines of restructuring of central public sector enterprises (CPSEs).
