Stocks

RITES drops 1.3 per cent on buyback issue

Internet Desk | Updated on September 21, 2020 Published on September 21, 2020

The board of RITES Ltd on September 18 approved the buyback issue for ₹257 crore.

The buyback will not be exceeding 96.98 lakh shares (representing 3.88 per cent of the total number of equity shares in the paid-up share capital of the company) at ₹265 a share, aggregating to ₹257 crore, the PSU major said in a release to the stock exchanges.

 

The buyback to the shareholders as on record date would be on a proportionate basis through a tender offer route.

The stock of RITES on Monday fell 1.3 per cent to ₹252 on the NSE.

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Published on September 21, 2020
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