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The board of SH Kelkar and Company on Monday approved a buyback proposal. The company will buy back up to 33 lakh fully paid-up equity shares of ₹10 each at ₹180 a share for an aggregate consideration not exceeding ₹59.40 crore. The buyback, for all shareholders as on the record date, would be on proportionate basis through the tender offer route. The board noted that promoter/promoter group of the company intend to tender such number of equity shares held by them in the company, as required for compliance with buyback regulations. Accordingly, promoter directors did not participate in the decision-making of the buyback resolution. Shares of SH Kelkar closed 2.95 per cent lower at ₹146.30 on the BSE.
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