New Delhi: on Friday announced an up to Rs 158.7 crore buyback offer, wherein it will buy 22.6 lakh equity shares at Rs 700 apiece. The Board of Directors on September 24 approved the proposal for buyback of its shares from the equity shareholders on a proportionate basis through the tender offer route, a regulatory filing said.
“The company proposes to buy back up to 22,67,400 equity shares…at a price of Rs 700 per equity share for an aggregate amount not exceeding Rs 158,71,80,000,” it added.
The public announcement for the process, timelines and other requisite details will be released in due course in accordance with the Buyback Regulations, it said.
The dates of the buyback offer will be mentioned in the public announcement, the filing added.
The Board has approved the appointment of Corporate Professionals Capital Private Limited, a Sebi registered Category I Merchant Banker, as the manager to the buyback offer.
