Iron ore miner NMDC fears cash shortage on share buyback plan ? sources | Reuters
 

NEW DELHI Indian state-owned iron ore miner NMDC Ltd may borrow funds for the first time in more than two decades next fiscal year to cover a potential cash shortage caused by a government-mandated share buyback, two company sources said last week. India's government wants to raise as much as 360 billion rupees ($5.4 billion) from share buybacks by state-controlled companies including NMDC, Coal India Ltd and aluminium company NALCO in the current fiscal year that ends next March, to fund infrastructure and welfare programmes. NMDC's buy-back of up to 25 percent of its own shares will raise as much as 75.3 billion rupees for the government which owns four-fifths of the company, but drain its ability to finance expansion plans next fiscal year, said a source with direct k**wledge of concerns raised by some company directors in a recent board meeting

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