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The board of Lovable Lingerie on Friday unanimously passed a resolution approving the buyback of up to 20 lakh shares of the company (representing up to 11.9 per cent of the total paid-up equity share capital of the company) at a price of ₹250 a share payable in cash.
The company will spend ₹50 crore for the buyback, which is within the limit of 25 per cent of the total paid-up capital and free reserves. The buyback offer is open to all the equity shareholders, including promoters and members of the promoter group, as on the record date, on proportionate basis through the tender offer route.
The proposal is subject to approval of shareholders of the company.
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