JB Chemicals and Pharmaceuticals’ board has approved buyback of up to 33.33 lakh shares worth Rs 130 crore.
According to a BSE filing, the company has offered to pay Rs 390 per share. This excludes transaction costs such as fees, brokerage, taxes and duties.
The board of directors, at its meeting today, approved the buyback of up to 33,33,333 fully paid-up equity shares of the company through the ‘Tender Offer’ route. These shares represent 3.99 per cent of the total paid-up equity share capital of the company, the filing said.
JB Chemicals shares were trading up 0.88 per cent at Rs 340.05 on the BSE.