Nalco will buy back 25 per cent of its shares from the government, Mines Secretary Balvinder Kumar said on Monday. He added that "Nalco board will meet in next 15 days to decide about the pricing. The Finance Ministry has written to us to direct Nalco to buy back 25 percent of shares."
According to sources, the government is looking to raise around Rs 3,250 crore by selling 25 per cent of its shares to Nalco. The government was hoping to sell 10 percent stake in Nalco to raise about Rs 1,300 crore but volatile markets have derailed its plans.
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Nalco to buy back 25% shares from govt
By IndianMandarins - 2016-05-03 11:02:49
Nalco will buy back 25 per cent of its shares from the government, Mines Secretary Balvinder Kumar said on Monday. He added that "Nalco board will meet in next 15 days to decide about the pricing. The Finance Ministry has written to us to direct Nalco to buy back 25 percent of shares."
According to sources, the government is looking to raise around Rs 3,250 crore by selling 25 per cent of its shares to Nalco. The government was hoping to sell 10 percent stake in Nalco to raise about Rs 1,300 crore but volatile markets have derailed its plans.
