Deccan Chronicle Holdings Ltd announced a buyback of its shares at Rs 180 a piece.
This is more than twice the closing price of the scrip — Rs 78.6 — on Wednesday on the stock exchanges.
The company will buy back upto 3.45 crore equity shares of face value of Rs 2 each. The company will spend up to Rs 270 crore on the buyback.
If all the shares are tendered, the promoter holding after the buyback will increase to 73.83 per cent.
The buyback would go through subject to a minimum of one crore shares being tendered.
The buyback commences on May 16. Emkay Global Financial Services Limited are the managers to the offer.