Philips earmarks Rs 180 cr for buyback

KOLKATA: Philips Electronics India on Friday said it has earmarked Rs 180 crore for buyback of shares from existing shareholders at a price of Rs 260 per share.

After the company's annual general meeting its Vice-Chairman and Managing Director Murali Sivaraman told reporters here that the Dutch parent Koninklijke Philips Electronics NV would also participate in the buyback by tendering shares on a proportionate basis.

The aggregate shareholding of the Dutch parent was 96.5 per cent of the issued share capital of the company.

Sivaraman said the idea behind the buyback was to utilise the idle cash lying with the company after setting aside funds for future expansion.

He said Philips was a player in the healthcare, lifestyle and lighting sectors, where the company was enjoying leadership positions.

Sivaraman said Philips was also eyeing inorganic growth in the sectors which it was operating.