BackBharti Infratel to buy back shares worth Rs2,000 crore
Shares of Bharti Infratel closed at `380.35 a unit, up by 0.46% compared to previous close, at BSE on Tuesday
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New Delhi: Mobile tower firm Bharti Infratel will buy back shares worth ₹ 2,000 crore from shareholders. “With the buy-back price of ₹ 425 and buy-back size of ₹ 19,99,99,99,775, the total number of shares to be bought back in the buy-back shall be 4,70,58,823 equity shares, representing 2.48% of the total issued and paid-up equity capital of the company," Bharti Infratel informed the stock exchanges.
The company will undertake buy-back on a proportionate basis from the shareholders as of June 16, 2016. Shares of Bharti Infratel closed at ₹ 380.35 a unit, up by 0.46% compared to previous close, at BSE on Tuesday.
The promoter of the company, Bharti Airtel Limited, may participate in the buy-back offer. The aggregate paid-up equity capital and free reserves of the Bharti Infratel as on 31 March, 2016 was ₹ 10,348 crores.
Under the provisions of the Act, the funds deployed for buy-back shall not exceed 25% of the paid-up capital and free reserves of the company under shareholder approval route. “Accordingly, the maximum amount that can be utilised in the present buy-back is ₹ 2,587 crores," the company said.
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