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Chennai, Dec. 3

E.I.D. Parry (India) Ltd has announced a buyback of equity shares at a maximum price of Rs 160 a share of the face value of Rs 2. The buyback opening on December 15 will be open up to October 28, 2009, unless the company’s board decides to close it earlier after appropriate notice. The company plans to invest a maximum of Rs 46.84 crore for the buyback. It hopes to purchase through the stock exchange a minimum of 7.31 lakh shares representing about 10 per cent of the company’s paid-up equity. At the maximum price, sellers get a premium of 1.19 per cent over the closing prices of Rs 158.10 on the BSE on October 29, 2008, when the board approved the buyback and a premium of 1.63 per cent over the NSE closing price of Rs 157.40. Today, on the NSE, the EID Parry share closed at Rs 132.70, which was Rs 4.20 (3.27 per cent) higher than the previous close.

– Our Bureau

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