The finance ministry has approved state-owned iron ore producer NMDC's share buyback plan worth Rs 1,000 crore, an official said.

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

"NMDC's Rs 1,000 crore share buyback offer has been approved by the finance ministry," the official said.

The government 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.

The government holds 72.43 per cent in NMDC.

Stock of NMDC closed at Rs 94.95, down 0.11 per cent over the previous close on BSE.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)