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 Corporate - Buyback
Nod for JB Chem buyback plan

Coimbatore, April 8

JB Chemicals & Pharmaceuticals Ltd's board of directors at its meeting held on Tuesday has approved, subject to such other approvals / consents, as may be necessary, the buyback of equity shares at a maximum price not exceeding Rs 70 per share and up to an aggregate amount of Rs 29.52 crore, being within 7.05 per cent of the total paid-up capital and free reserves as per the audited balance sheet as at March 31, 2007.

The company proposes to buy back shares listed on the BSE and NSE through open market purchases from time to time. The maximum price is at a premium of 41.27 per cent over the closing price of Rs 49.55 of the company's share on NSE as on April 7. The average closing price of the company's share on the BSE for the last six months is Rs 64. - Our Bureau

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