NMDC shares to turn ex-date for buyback

Shares of State-owned NMDC will turn ex-date for its buyback. The mining major plans to buy back over 80.08 crore shares worth ₹7,527.76 crore through the tender offer route at a price of ₹94 a share of face value ₹1. As the Centre owns 80 per cent in the Hyderabad-based mineral explorer, majority of the funds will go the government kitty. With the stock quoting at around ₹100, the interest of retail investors, who own 7.59 crore shares, remains to be seen. LIC holds 6.198 crore shares of NMDC.