Norilsk Nickel subsidiary repurchases another 0.007% of shares in buyback
MOSCOW. July 21 (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 Norilsk Nickel shares on the Moscow Exchange on Monday, the repurchased shares were worth a total of 103.323 million rubles.
Since the start of the buyback on July 9, NN-Invest has bought 0.1713% of Norilsk Nickel shares.
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.
