MOIL has received an approval to buy back 87.6 lakh shares of the company for a total consideration of Rs 210.4 crore. The board of directors at its meeting held on February 5, 2018 has approved for the same.
The board approved the proposal to buyback of not exceeding 87,66,720 equity shares of the company representing 3.29% of the total number of equity shares in the paid-up share capital of the company at a price of Rs 240 per equity share.
MOIL is the largest iron ore company in India and fifth largest in world. It currently operates seven underground mines (Kandri, Munsar, Beldongri, Gumgaon, Chikla, Balaghat and Ukwa mines) and three opencast mines (Dongri Buzurg, Sitapatore/Sukli, and Tirodi).
