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.