New Delhi: Leading sugar firm Balrampur Chini Mills on Wednesday said it will buy back 2.81% of the company’s equity shares at a price of Rs150 per piece.
The board has approved the buyback proposal in Wednesday’s meeting. It has fixed 6 March 2018, as record date to determine eligible shareholders, the company said in a regulatory filing. The buyback of 66 lakh shares, representing up to 2.81% equity shares in the company, will be done on a proportionate basis through a tender offer route, it said.
The shares worth Rs99 crore will be bought back at a price of Rs150 per piece, payable in cash, excluding transaction costs. The buyback would be subject to applicable statutory approvals, it added. Balrampur Chini is one of the largest integrated sugar company in India. It has ten sugar factories in Uttar Pradesh.