The board of directors of KIOCL (Kudremukh Iron Ore Company Ltd) on Monday approved a buyback proposal.

The board approved a buyback not exceeding 1,41 crore shares, representing 2.28 per cent of the total number of fully paid-up equity shares in the paid-up share capital of the company, for ₹110 for an aggregate consideration not exceeding ₹155.92 crore.

The buyback will be on a proportionate basis through a tender offer route. The company has fixed October 30, as the record date to ascertain the eligibility of shareholders for buyback of equity shares.

At 10.45 am, the stock of KIOCL fell nearly 10 per cent to ₹122.70 on the BSE.