Nalco to buy back 25% shares from government
The board will meet in next 15 days to decide about the pricing.
State-run aluminium maker Nalco will buy back 25% of its shares from the government, a top official said on Monday.
"Nalco has agreed to buy back 25% of its shares from the government," Mines Secretary Balvinder Kumar said.
The Secretary further said 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% of shares," Kumar had earlier said.
He had also said the Nalco board will consider the proposal.
According to sources, the government is looking to raise around Rs 3,250 crore by selling 25% of its shares to Nalco.
The government was hoping to sell 10% stake in Nalco to raise about Rs 1,300 crore but volatile markets have derailed its plans.