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Mumbai, Feb. 12 LKP Finance has announced a buyback plan setting a maximum price of Rs 90/share.

The company said it would buy back shares worth Rs 9.45 crore at the maximum price. The shares to be bought back would represent an 8.2 per cent stake in the company.

The minimum offer is for 4 lakh shares, representing about 3 per cent stake in the company.

“The maximum buyback price offers a premium of approximately 48 per cent over the closing price on December 12, 2008, the last trading date prior to the date of the meeting of the Board of Director approving the buyback,” the company’s notice to the stock exchanges said.

The buyback will begin on February 24, and will close on January 21, 2010. LKP Finance was locked in the upper circuit on the BSE at Rs 67.05 on Thursday, after rising 4.93 per cent, almost as soon as trading commenced on the BSE.

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