Corrected: Norilsk Nickel subsidiary purchases another 0.007% of shares in buyback
(third para adjusted)
MOSCOW. July 24 (Interfax) - NN-Invest, a subsidiary of MMC Norilsk Nickel , has repurchased another 11,000 shares or 0.007% of charter capital under the Arctic mining and smelting giant's buyback program, Norilsk Nickel said in a statement.
Based on the closing price of 9,119 rubles for Norilsk Nickel shares on the Moscow Exchange on Thursday, the repurchased shares were worth a total of 100.3 million rubles.
Since the start of the buyback on July 9, NN-Invest has bought 0.1961% of Norilsk Nickel shares. The company's shares have gone up 2.2% in price since then.
In April Norilsk Nickel announced plans to repurchase $500 million in shares on the market under a buyback program to improve the company's capitalization. Consultants recommended the program to Norilsk Nickel because its shares were undervalued.
After the completion of the buyback program, the company will cancel the shares.
The company's board of directors previously approved the first stage of the buyback for 14 billion rubles. The buyback program coordinator is Citibank.
