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NMDC to decide on eligible shareholders for buyback on Jan 18

The finance ministry has already given a green light to the company's buyback plan.

NMDC to decide on eligible shareholders for buyback on Jan 18

New Delhi: State-run iron ore producer NMDC will decide on January 18 the names of shareholders who would be eligible to participate in the company's Rs 1,000-crore share buyback.

"NMDC has fixed January 18, 2019 as record date for determining the entitlement and the names of eligible shareholders/beneficial owners to whom letter of offer will be sent and will be eligible to participate in the buyback of 10,20,40,815 shares fully paid-up equity shares of the company," NMDC said in a BSE filing.

The finance ministry has already given a green light to the company's buyback plan.

The timeline for the launch of the offer would be decided by NMDC's board.

The government holds 72.43 percent in NMDC.

It has already lined up buyback offers of nine PSUs including ONGC, Oil India, IOC, NHPC, BHEL, Nalco, Cochin Shipyard, NLC and KIOCL. These would cumulatively fetch about Rs 9,000 crore to the exchequer.

Shares of NMDC were trading down by 4.27 percent at Rs 90.90 per scrip on BSE.