NMDC, MOIL share buyback will help the government to achieve fiscal deficit target of 3.5% for 2016-17As of March 2016, government holds 80% stake each in NMDC and MOIL. As of March 2016, NMDC has total cash balance of Rs.14,763.57 crore while MOIL has total cash of Rs.2,850.10 crore. NMDC said its board approved a buyback of 80.08 crore shares, or 20.2% stake, at a price of Rs.94 a share. This buyback will help the government to raise Rs.7,527.76 crore from NMDC and Rs.863.34 crore from MOIL and will help the government to achieve the fiscal deficit target of 3.5% for 2016-17. In a separate filing, MOIL said its board approved a buyback of 3.48 crore shares, or 20.72% stake, at a price of Rs.248 a share.

Source: Mint June 08, 2016 05:35 UTC