State-run MOIL today said its board has approved the proposal to buy back 87.6 lakh shares of the company for a total consideration of Rs 210.4 crore.
The decision in this regard was taken in the board meeting held today, Manganese Ore India Ltd (MOIL) said in a filing to the BSE.
The board approved "the proposal to buyback of not exceeding 87,66,720 equity shares of the company representing 3.29 per cent of the total number of equity shares in the paid-up share capital of the company at a price of Rs 240 per equity shares...for an aggregate consideration not exceeding Rs 210,40,12,800...", the filing said.
The board, the company said, has constituted a buyback committee and delegated its powers to the committee to do all such acts, deeds, matters and things as it may, in its absolute discretion, deem necessary expedient, usual or proper in connection with the buyback, according to the filing.
MOIL produces and sells different grades of manganese ore. At present, MOIL operates 10 mines, six located in the Nagpur and Bhandara districts of Maharashtra and four in the Balaghat district of Madhya Pradesh.
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