Comments
Balrampur Chini Mills has got the board approval to buy back 2.81 per cent of the company’s equity shares at a price of Rs 150 per piece.
The board of directors, at a meeting held today, has fixed March 6, 2018, as record date to determine the eligible shareholders, the company said in a regulatory filing today.
The buyback of 66 lakh shares, representing up to 2.81 per cent equity stake in the company, will be done on a proportionate basis through a tender offer route, it said.
Shares worth Rs 99 crore will be bought back at a price of Rs 150 per piece, payable in cash, excluding transaction costs. The buyback would be subject to applicable statutory approvals, it added.
Balrampur Chini is one of the largest integrated sugar company in India. It has ten sugar factories in Uttar Pradesh.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.