Share price of NMDC slipped 3 percent in the early trade on Wednesday as company board approved buyback of its shares.
Company fixed record date for buyback of equity shares as January 18.
The board approved the proposal to buyback of not exceeding 10,20,40,815 equity shares (representing 3.23 percent of the total paid-up share capital) at a price of Rs 98 per equity share payable in cash for an aggregate consideration not exceeding Rs 1,000 crore.
The promoter of the company holding 72.43 percent stake in the company as on January 4, 2019.
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