Companies

NMDC Board nod for buyback of shares

Our Bureau | | Updated on: Nov 11, 2020
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Q2 net up 10% at ₹774 cr

The Board of Directors of State-owned mining major NMDC has approved a buyback of shares of the company.

The buyback will be for 13,12,43,809 fully paid-up equity shares of face value ₹1 each, representing 4.29 per cent of the total number of fully paid-up equity shares of the company, at a price of ₹105 per equity share (buyback offer price) payable in cash for an aggregate consideration not exceeding ₹1,378.05 crore.

Also read: NMDC maintains its production in October despite Covid disruption, heavy monsoon

This buyback represents 5 per cent and 5.05 per cent of the aggregate fully paid-up equity share capital and free reserves (including securities premium) as per the audited standalone and consolidated financial statements of the company respectively for the financial year ended March 31, 2020.

Results

NMDC has posted a profit of ₹774 crore for the second quarter ended September 30, 2020, up 10 per cent over ₹703 crore it logged for the corresponding quarter of the last fiscal.

The company posted revenue of ₹2,230 crore for the second quarter, down 0.5 per cent at ₹2,242 crore over the corresponding quarter last fiscal.

Also read: Cabinet approves demerger, strategic sale of Nagarnar steel plant from NMDC

During Q2, NMDC produced 56.37 lakh tonnes of iron ore in the second quarter, up 13 per cent, and its sales were at 66.02 lakh tonnes, up 14 per cent from the corresponding quarter previous year.

Published on November 11, 2020

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