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Shares of Balrampur Chini Mills hit a 52-week high of ₹146.2 on the BSE on Friday after the company’s board approved the buyback of fully paid-up equity shares at ₹175 a share through the “tender offer” route.
In a notification to stock exchanges, the company said, “The board has approved the buyback of fully paid-up equity shares of face value of ₹1 each not exceeding 8.44 million shares representing up to 3.69 per cent of the total paid-up equity share capital of the company at a prices of ₹175 per share payable in cash for an aggregate amount of up to ₹147.67 crore excluding transaction costs.”
The buyback would be subject to applicable statutory approvals. The promoter and promoter group intend to participate in the buyback, the notification said.
The company has fixed April 18, as the record date for determining the entitlement and the names of the eligible shareholders /beneficial owners to whom the letter of offer will be sent and who will be eligible to participate in the buyback. It has also appointed HDFC Bank as the manager to the buyback.
The company’s scrip closed at ₹145.35, up by 5.52 per cent on the BSE.
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