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MUMBAI: Telecom equipment manufacturer Valiant Communications on Monday said it will buy back outstanding equity shares not exceeding Rs 3.14 crore.

The buy-back would provide reasonable exit opportunities to those shareholders who so desire whilst safeguarding the interest of continuing shareholders of the company and is also expected to enhance the long-term price performance and the market capital isation, Valiant said in a filing to the BSE.

The buy-back price would not exceed Rs 32 per equity shares and the mode of buy back would be through the open market operation, the company said.

The price of Rs 32 represents a premium of 24.51 per cent over the closing share price of the company as on September 5. Shares of the company were trading at Rs 28.35, up 10.31 per cent in the afternoon trade on BSE. – PTI

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