Business Daily from THE HINDU group of publications
Wednesday, Sep 17, 2008
ePaper | Mobile/PDA Version | Audio
Business Daily from THE HINDU group of publications Wednesday, Sep 17, 2008 ePaper | Mobile/PDA Version | Audio |
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Corporate
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Buyback Rain Commodities to buy back shares Our Bureau Hyderabad, Sept. 16 Rain Commodities Ltd will be buying back its fully paid-up equity shares of the face value of Rs 10 each from the existing shareholders through the open market. The buy-back would be done at a price not exceeding Rs 307 a equity share (Maximum Offer Price) payable in cash, for an aggregate amount not exceeding Rs 26 crore that is, within 10 per cent of the existing paid-up equity share capital and free reserves of the Hyderabad-based company. The number of shares to be bought back would depend upon the average price paid for the shares bought back and the amount deployed in the buyback. However, the total number of shares to be bought back would not exceed 12 lakh equity shares. PremiumThe maximum offer price of Rs 307 offers a premium of 41.87 per cent over the closing price on August 29, 2008, on the BSE, being the latest trading day prior to the date of the board meeting for approving the buyback offer and 41.57 per cent over the closing price on the same day on the NSE. The buyback would begin from September 25 and close on April 30, 2009, or when the company completed buyback to the extent of 12 lakh shares under the offer or upon exhaustion of Rs 26 crore or the date as may be decided by the board of directors of the company, whichever is earlier, according to a release. Rain Commodities plans buyback More Stories on : Buyback | Cement
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