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Pipe maker Maharashtra Seamless said on Monday that its Board has approved Rs 100 crore share buy back at a price not more than Rs 300 a scrip through the open market.
Board of Directors of the D P Jindal Group firm in its meeting today approved the buy back shares of Rs five each at a “price not exceeding Rs 300 a equity share, payable in cash and not exceeding an aggregate amount of Rs 100 crore,” its said in an exchange filing.
The shares proposed to be bought back are within 10 per cent of the company’s paid up capital and free reserves.
“The buy back shall be from the open market through stock exchange(s),” it said.
Promoters’ had 55.48 per cent stake in the company, as on December-end.
Shares of Maharashtra Seamless today settled at Rs 214.95 apiece, up 3.67 per cent in the BSE over the previous closing.
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