MOIL shareholders approve buyback of over 3.38 cr shares

New Delhi: Shareholders of MOIL have approved the proposal to buy back over 3.38 crore equity shares, the company said on Tuesday. In a filing to the BSE, MOIL said the Buyback Committee of the Board of Directors of the company has fixed Friday, December 31, 2021, as record date for determining the entitlement and the names of the eligible shareholders/beneficial owners for the offer.

"...Committee constituted by the Board...conferred by this resolution consent of the members be and is hereby accorded for the buy-back by the company of its fully paid-up equity shares of face value of Rs 10/- each not exceeding 3,38,42,668 equity share...at a price of Rs 205 per equity share payable in cash for an aggregate consideration not exceeding Rs 693,77,46,940 (Buy-back Offer Size)," it said.

The board of directors of the company on November 10, 2021 had unanimously approved a proposal for the buy-back of equity shares not exceeding 3,38,42,668 at face value of Rs 10 each representing 14.26 per cent of the total number of equity shares in the paid-up share capital of the company, MOIL said.

The proposal was subject to the approval of the shareholders, it said.

The shareholders of the company have approved the buyback by special resolution through postal ballot process on Monday, the miner said.

MOIL, under the Ministry of Steel, is country's largest manganese ore mining company contributing about 40 per cent to the total production of the miner in the country.