Sterlite Technologies approves buyback of shares up to Rs 145 crore

Sterlite Technologies on Tuesday said its board of directors has approved buyback of equity shares with a face value of Rs 2 from the open market for a total amount not exceeding Rs 145 crore.

This will exclude all kinds of transactional and other related costs at a price not exceeding Rs 150 per equity share.

The scrip traded nearly 13 per cent higher at Rs 71.70 following the announcement, while the benchmark BSE Sensex was up 357 points, or 1.38 per cent, at 26338 at around 10.45 am (IST).


The maximum buyback size represents 9.95 per cent and 9.32 per cent of aggregate of total paid-up equity share capital and free reserves of the company based on the audited standalone and consolidated financial statements as on March 31, 2019.

“At the maximum buyback price and the maximum buyback size, the indicative maximum number of equity shares bought back would be 96,66,666 equity shares, comprising approximately 2.40 per cent of the paid-up capital of the company as of March 31, 2019 (on a standalone basis). If the equity shares are bought back at a price below the maximum buyback price, the actual number of equity shares bought back could exceed the maximum buyback shares, but will always be subject to the maximum buyback size,” Sterlite Technologies said in a regulatory filing.

Post buyback, promoters' stake in the company will increase to 54.95 per cent against 53.63 per cent as on March 20.