United Phosphorous has announced a buyback offer of up to Rs 288 crore.

The company’s board has fixed a maximum buyback price of Rs150 per share.

The company will extinguish about 8.78 per cent of its share capital as on March 31, 2012 (Rs 92.36 crore) through this offer.

The buyback will be done on the electronic trading platforms of the NSE and the BSE.

The last date for the buyback is May 6, 2013.

Citigroup Global Markets is the manager to the buyback offer.

On Friday, the scrip closed flat on the BSE at Rs119.2 per share, down 40 paise over its previous close.