NMDC submits buyback offer letter to BSE

Our Bureau Hyderabad | Updated on December 14, 2020

IDBI Capital Markets & Securities Ltd, which is handling the share buyback offer as the Manager for the state-owned iron ore mining major, NMDC, has submitted a copy of the Letter of Offer to BSE for eligible shareholders.

As required, a copy of this Letter of Offer has been submitted to the Securities and Exchange Board of India. IDBI Capital Markets has certified that the disclosures made in this Letter of Offer are generally adequate and are in conformity with the provisions of the Companies Act, 2013 and the Buyback Regulations.

This is to facilitate eligible shareholders to take an informed decision for tendering their Equity Shares in the Buyback.

The cash offer for buyback of shares not exceeding 13,12,43,809 (13.12 crore) fully paid up equity shares of face value of Re 1 each, representing 4.29 per cent of the total number of equity shares issued, subscribed and paid up equity share capital of the company from all the existing shareholders of the company as on November 23, 2020, the record date, on a proportionate basis.

The tender offer is at Rs 105 per share for an aggregate amount nt exceeding Rs 1378 crore.

The company shares closed at Rs 116.70, +Rs 5.85 (+5.28%)

Published on December 14, 2020

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