The board of directors of Amrit Corp on Monday approved a buyback proposal worth ₹ 14.44 crore. The board approved buy back of up to 1.75 lakh equity shares, representing 5.45 per cent of the total number of paid-up equity shares of the company at ₹825 a a share. The buyback size (₹14.44 crore) is 7.32 per cent of the fully paid-up equity share capital and free reserves of the company as per the audited balance sheet as on March 31, 2020.

The buyback would be on a proportionate basis through tender offer and the record date has been fixed as July 3. The stock of Amrit Corp jumped 5 per cent at ₹ 746.65 on the BSE.