The board of SP Apparels on Wednesday approved a proposal to buy back up to 6 lakh shares, representing up to 2.34 per cent of the total paid-up capital, at ₹585 a share payable in cash for a maximum amount not exceeding ₹35.10 crore.

The company has fixed the record date as October 7 to identify eligible shareholders to participate in the buyback, which would be on a proportionate basis, through the tender offer route. Shares of SP Apparels closed 2.8 per cent higher at ₹431.60 on the BSE.