New Delhi: State-run hydro power generator NHPC on Tuesday said it will buy back over 81 crore equity shares at Rs32.25 apiece totalling about Rs2,616 crore.

“The buyback offer has been authorised pursuant to the resolution passed by the board of directors of the company at its meeting held on 7 February," the company said in a BSE filing. It has appointed SBI Capital Markets Ltd as the manager to the buyback offer.

“The buyback will be offered at the rate of Rs32.25 per equity share paybale in cash, for an aggregate consideration of Rs2,616 crore," it said. It added that the maximum number of equity shares proposed to be bought back pursuant to the buyback offer represents approximately 7.33 per cent of the total number of equity shares in the paid-up share capital of the company, the company said.

Under the buyback plan, the shares bought by the company are extinguished from the shareholding. Thus the shareholding reduces by that much number of shares and capital.