Stocks

Sterlite Tech board okays buyback at ₹150 a share

Our Bureau Chennai | Updated on March 24, 2020

The board of directors of Sterlite Technologies on Tuesday approved a buyback proposal worth ₹145 crore at a price not exceeding ₹150 a share. The maximum buyback size represents 9.95 per cent and 9.32 per cent of the aggregate of the total paid-up equity capital and free reserves (including securities premium) of the company based on the audited standalone and consolidated financial statements respectively, for the financial year ended on March 31, 2019, it said.

At the maximum buyback price and the maximum buyback size, the indicative maximum number of equity shares bought back would be 96.66 lakh shares, comprising approximately 2.4 per cent of the paid-up capital of the company as of March 31, 2019 (on a standalone basis).

If the equity shares are bought back at a price below the maximum buyback price, the actual number of equity shares bought back could exceed the maximum buyback shares, it further said.

The shares of Sterlite Technologies on Tuesday closed 4.26 per cent higher at ₹66.15 on the BSE.

Published on March 24, 2020

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