The board of CARE Ratings on Wednesday approved a buyback offer worth ₹121.95 crore. The company plans to buyback 23.68 lakh shares (representing 7.99 per cent of the total issued and paid-up equity share capital) at ₹515 a share.
The buyback is proposed to be made from the existing shareholders of the company, as on the record date to be decided at a later stage, on a proportionate basis through “tender offer,” the company said.
Shares of CARE Ratings closed 2.3 per cent higher at ₹468.75 on the BSE.