KIOCL slumps on buyback price

about 3 months ago
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KIOCL Limited, formerly Kudremukh Iron Ore Company Limited is a PSU and after rallying in the green for past couple of days, it has seen profit booking today. The stock price went down over 19.7% to Rs.184, which is just whiskers away from its 20% UC of Rs.183.55.

The Board yesterday approved buyback of its shares – 1.98% at a price of Rs 170 per share, payable in cash for an aggregate consideration not exceeding Rs 214 crore.

The record date has been fixed on October 1.

The Govt of India currently holds 98.99% stake in KIOCL.

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