Nalco to buyback about 13 crore shares at Rs 749 crore

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National Aluminium Co. (Nalco) has announced its board has approved to buyback a little over 13 crore shares at a price of Rs.57.50 each.

The state-run company will spend about Rs 749 crore to buyback its shares that represent 6.98% of the total number of fully paid-up equity shares.

The company will not raise further capital for a period of one year from the closure of the buyback offer, it said in a statement to BSE.

Share buybacks have become the preferred way to return cash to shareholders than paying dividends in recent periods.