NMDC Limited (BSE:526371) announces a share repurchase program. Under the program, the company will repurchase up to 102,040,815 shares, representing 3.23% for INR 10,000 million. The shares will be repurchased at a price of INR 98 per share. The purpose of the repurchase program is to return surplus cash to its shareholders in proportion to their shareholding, to improve return on equity and optimize the capital structure. The repurchase program will be funded from company's free reserves and internally generated cash resources. The promoters of the company have expressed their intention to participate in the buyback program. The company has fixed January 18, 2019, as record date for the offer. The offer will expire on February 27, 2019. As of January 8, 2019, the company has 3,163,890,474 shares in issue.