Gandhi Special Tubes on Thursday said it has received approval from SEBI for its proposed buyback. The company plans to purchase up to nine lakh shares at ₹550 a share, aggregating to ₹49.50 crore, which is 6.51 per cent of the total paid-up equity share capital. The buyback offer will open on September 25 and close on October 10. The buyback is through a tender offer on proportionate basis. It had fixed August 16 as the record date to identify eligible shareholders. Shares of Gandhi Special Tubes gained 2.27 per cent at ₹304.75 on the BSE.