Proposed buy-back of Monnet Ispat would begin on March 15 and would continue till December 21. The company would buy back 4.97 per cent of paid up capital as on March 31, 2011 of Rs 64.34 crore from the open market.
In a disclosure to the stock exchanges, the company said that it approved the buy-back of its fully paid-up equity shares of the face value of Rs 10 each from the existing owners other than the promoters, promoter group and persons who are in control of the company at a price not exceeding Rs. 500 per share for a maximum total amount Rs. 100 crore. The maximum offer price per share would not include transaction costs. The bought back shares would cause reduction of the paid up capital.
The stock closed at Rs Rs 479 on Friday at BSE.