The Board of Directors of the major state mining company NMDC approved the buyback of the company’s shares.
The buyback will be for 13,12,43,809 fully paid capital shares of ₹ 1 par value each, representing 4.29 percent of the company’s total number of fully paid capital shares, priced at ₹ 105 by capital. share (repurchase offer price) payable in cash for a total consideration not to exceed ₹ 1,378.05 crore.
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This buyback represents 5 percent and 5.05 percent of the total fully paid-up share capital and free reserves (including the securities premium) according to the company’s independent and audited consolidated financial statements, respectively, for the financial year that ended on March 31, 2020..
Results
NMDC has posted a profit of Rs 774 crore for the second quarter ending September 30, 2020, up 10 percent from the Rs 703 crore it posted for the corresponding quarter of the last fiscal year.
The company posted revenue of Rs 2.230 crore for the second quarter, down 0.5 percent to Rs 2.242 crore from the corresponding quarter last fiscal year.
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During the second quarter, NMDC produced 56.37 lakht of iron ore in the second quarter, up 13%, and its sales were 66.02 lakht, up 14% from the corresponding quarter of the previous year. .
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