SRF to kick off buyback offer on March 30

NEW DELHI: Textiles firm SRF today said it will kick off its Rs 90 crore buyback offer from March 30 onwards.

In a filing to the Bombay Stock Exchange (BSE) its buyback offer represents about 9.81 per cent of the paid up equity capital of the company.

"The actual number of equity shares to be bought back would depend upon the average price paid for equity shares bought back and the amount deployed in the buyback," the company said.

The offer will close 15 days after its commencement, it added.

Last month, SRF had said the buyback exercise will be carried out at Rs 380 per equity share.

"The proposed buyback could absorb a maximum of Rs 90 crore which is less than 10 per cent of the paid up capital and free reserves of the company as on March 31, 2010," it had said.

The shares of the company today closed 1.56 per cent down at Rs 309.70 apiece over the previous close on the BSE.