The board of NLC India on Tuesday approved a proposal to buy back 14.19 crore shares at Rs. 88 a share. This buyback represents 9.28 per cent of the total number of equity shares in the paid-up share capital of the company, bringing the size of the buyback offer to Rs. 1,248 crore. The buyback price for the stock stands at 19 per cent premium to Tuesday’s closing price of Rs. 73.95 on the BSE.