SRF approves buyback plan
SRF Ltd on Friday said it will buy back shares of the company through open market transactions at a price of upto Rs 250 per share.
By PTI |
MUMBAI: SRF Ltd on Friday said it will buy back shares of the company through open market transactions at a price of upto Rs 250 per share.
The company's board has approved the buyback offer which would remain open till June 22, 2007, SRF informed the Bombay Stock Exchange.
However, the offer might close before the proposed date, as might be determined by the board, even if the maximum limit of the buyback plan has not been reached, by giving appropriate notice, it added.
The proposed buy-back offer could absorb upto Rs 35 crore worth of shares, which represent less than 10 per cent of the company's paid up capital and free reserves.
The number of shares to be repurchased would depend upon the average price paid for the shares bought back and the actual amount deployed in the buyback offer, SRF said.
The shares of the company, a nylon tyre cord manufacturer, closed at Rs 212.60, up 5.56 per cent at the BSE.
The company's board has approved the buyback offer which would remain open till June 22, 2007, SRF informed the Bombay Stock Exchange.
However, the offer might close before the proposed date, as might be determined by the board, even if the maximum limit of the buyback plan has not been reached, by giving appropriate notice, it added.
The proposed buy-back offer could absorb upto Rs 35 crore worth of shares, which represent less than 10 per cent of the company's paid up capital and free reserves.
The number of shares to be repurchased would depend upon the average price paid for the shares bought back and the actual amount deployed in the buyback offer, SRF said.
The shares of the company, a nylon tyre cord manufacturer, closed at Rs 212.60, up 5.56 per cent at the BSE.
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