New Delhi, Feb 21 (PTI) Leading sugar firm Balrampur Chini Mills today said it will buy back 2.81 per cent of the company’s equity shares at a price of Rs 150 per piece. Also Read - Muzaffarnagar Shocker: Man 'Accidentally' Shoots 19-Year-Old Nephew Dead While He Was Recording Video On Phone, Clip Goes Viral
The board has approved the buyback proposal in today’s meeting. It has fixed March 6, 2018, as record date to determine eligible shareholders, the company said in a regulatory filing. Also Read - Underwear Theft Leads to Murder in UP's Kanpur Dehat | Read Here
The buyback of 66 lakh shares, representing up to 2.81 per cent equity shares in the company, will be done on a proportionate basis through a tender offer route, it said. Also Read - UP Police SI Recruitment 2021: 9534 Vacancies Announced | Check Posts, Qualification, Pay Details Here
The shares worth Rs 99 crore will be bought back at a price of Rs 150 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.
This is published unedited from the PTI feed.