India's state-run National Mineral Development Corp. Ltd. said Jan. 8 that its board approved the repurchase of up to 102,040,815 shares of the company worth 10 billion rupees at 98 rupees per share.
The shares represent 3.23% of the company's total issued share capital. The Indian government currently holds 72.4% in NMDC.
The board will settle on a timeline for the launch of the offer.
In December 2018, the company filed legal action against the southern Indian state of Karnataka to stop it from demanding a higher share of revenue from the sale of iron ore at a local mine.
As of Jan. 8, US$1 was equivalent to 70.15 Indian rupees.