Nalco kicks off share buyback offer worth Rs 505 crore

State-owned Nalco Wednesday announced share buyback offer worth Rs 505 crore.

"The date of opening of the buyback is Tuesday, November 13, and the date of closing of the buyback offer is Wednesday, November 28," National Aluminium Company (Nalco) said in a filing to BSE.

Nalco said it has extensive plans for brownfield and greenfield expansion, which includes the ongoing fifth stream refinery of 1 MTPA capacity in existing alumina refinery at Damanjodi, 60,000 MTPA alloy wire rod plant at existing smelter and development of Pottangi bauxite mines.

Last month, the company said its board has approved a proposal to buy back shares worth Rs 504.8 crore.

"The board of directors...in its meeting held on October 12, 2018, has unanimously approved....the proposal to buy back not exceeding 6,73,11386 equity shares...in cash for an aggregate consideration not exceeding Rs 504,83,53,950," Nalco had informed BSE.