New Delhi: State-owned mining behemoth NMDC Ltd on Saturday said it will buyback over 80.08 crore shares worth Rs.7,527.76 crore, most of which will go to the government. The mining firm said to the extent legally permissible, it will buyback shares by way of acquiring the shares through stock exchange. Buyback is done with the objective of returning surplus cash to the holder of equity shares of the company. Other public sector units—MOIL and Nalco have also announced about share buyback plans. Share buyback is a process of acquisition by a company of its own shares.

Source: Mint July 02, 2016 14:03 UTC