The board of Filatex India Ltd on Tuesday approved a proposal to buyback shares worth ₹59.50 crore. The buyback size is 42.50 lakh shares of ₹2 each comprising 1.89 per cent of the paid-up equity capital at a price of ₹140 a share.
The buyback will be on a proportionate basis through the tender offer route.
The promoter and promoter group of the company have expressed their intention to participate in the buyback. The company will later announce the record date to identify eligible shareholders.
The stock of Filatex closed at ₹126.75 on the BSE.