Mumbai: Madras Cements said on 5 March it has bought back shares worth about Rs32 crore, representing 49.72% of the total buyback offer of Rs64.47 crore.
The company has commenced the offer last week and has bought back 85,225 equity shares amounting to Rs32 crore, Madras Cements said in a communique to the Bombay Stock Exchange.
Last month, the company had said it would buy back shares worth over Rs64.47 crore, representing 10% of the paid-up capital and free reserves of the company as of 31 March, 2007.
For the buyback, the company would pay not more than Rs4,200 a share, Madras Cements had said.
The company’s shares were trading at Rs3,425, down 0.91% in the afternoon on BSE.