NALCO shares rises 2% on announcing buyback, to open on February 25
National Aluminium Company (NALCO) share price gained over 2 per cent intraday on February 18. The company announced a buyback of its shares worth Rs 749-crore, DIPAM Secretary Tuhin Kanta Pandey said. The offer will open on February 25 and closes on March 10.
The government holds 51.50 per cent stake in the company and would tender shares proportionate to its holding.
“NALCO has made an offer for buyback of its equity shares for an amount up to Rs 749 crore. As the promoter, GoI has decided to participate in the buyback to the extent that GoI equity remains at least 51 per cent,” Pandey tweeted.
In the Budget 2020-21, Finance Minister Nirmala Sitharaman had set a target of raising Rs 2.1 lakh crore from privatisation and sale of minority stakes in state-owned companies. So far in this fiscal, the government has collected Rs 17,957 crore from CPSE minority share sale and buyback.
The company reported a consolidated profit of Rs 239.71 crore for the 3rd quarter ended December 31, 2020. However, the company had posted a consolidated loss of Rs 33.90 crore in the corresponding quarter of the previous financial year, Nalco said in a filing to the BSE.
Nalco Chairman and Managing Director Sridhar Patra in a statement said the company’s consolidated income during October-December 2020 increased to Rs 2,414.95 crore, compared with Rs 2,136.57 crore in the year-ago period.
The stock was trading at Rs 51.65, up to Rs 1.15, or 2.28 per cent at 09:55 am. It has touched an intraday high of Rs 51.90 and an intraday low of Rs 51.20.