ICRA approves buyback at Rs 3,800 a share

The board of directors at rating agency ICRA has approved a buyback of 85.40 crore shares of the company at Rs 3,800 apiece from the open market. The buyback price is about 4 per cent higher than the current market price of the stock. “The buyback is an efficient way of distributing surplus funds to the shareholders and this is unlikely to impair the company’s ability to pursue growth opportunities or meet its cash requirements for its business operations,” ICRA said in a statement.