National Aluminium Co. Ltd., or NALCO, completed a previously announced buyback of 67,311,386 shares for 5.05 billion Indian rupees, according to a Dec. 10 release.

The shares, which were priced at 75 rupees each, represent about 3.48% of the group's entire share capital.

The Indian state-owned aluminum producer said the buyback would help improve return on equity and optimizes the capital structure.

In November, NALCO outlined plans to spend 380 billion rupees for brownfield and greenfield expansion projects.

As of Dec. 10, US$1 was equivalent to 72.49 Indian rupees.