The board of Chambal Fertilisers & Chemicals on Monday approved buy back of fully paid-up equity shares of face value of ₹10 each, not exceeding 1,55,55,555 shares at a price of ₹450 per equity share for ₹700 crore.
The promoters and promoter group of the company have expressed their intention to tender shares under the buyback offer.
The company has fixed January 18 as the record date to determine eligible shareholders to participate in the buyback, which would be through tender route on a proportionate basis.
Shares of Chambal Fertilisers closed at ₹378.35, up 1.5 per cent, on the BSE.