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Cyient Ltd, a Hyderabad-based engineering and geo-spatial services company, is going for a share buyback.
"The board has considered and approved buyback of shares of Rs 5 at a price not exceeding Rs 700," the company has said in a communication to the Bombay Stock Exchange.
The firm has pegged the cost of the buyback of about 28.75 lakh shares, which forms about 2.54 per cent of its paid-up equity shares, at an aggregate amount not exceeding Rs 200 crore.
The board of directors, which met on Friday evening, also decided to set up a Buyback Committee to oversee the process.
"The shares will be bought from the shareholders excluding promoters, promoting group and those who are in control of the company," it said.
The buyback will not exceed the maximum buyback size, which is about 9.7 per cent of the aggregate of the total paid-up equity share capital.
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