NMDC board to consider share buyback on Nov 10

New Delhi: State-owned mining major NMDC on Monday said its board will meet next week to consider a proposal for share buyback. The company said its board will also approve the financial result for the quarter ended September 30, 2020.

"A meeting of Board of Directors of the company is scheduled to be held on November 10, 2020...to consider the proposal for buyback of the fully paid-up equity shares of the company of face value of Rs 1 each," NMDC said in a regulatory filing.

The firm did not give details of the proposal.

Buyback is done with the objective of returning surplus cash to the holder of equity shares of the company.

Shares of NMDC were trading 2.06 per cent higher at Rs 84.10 apiece on BSE.