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The board of VRL Logistics on Friday approved a proposal to buy back its equity shares worth up to ₹41.4 crore for a price not exceeding ₹460 a share. This means, the company can buy back a maximum of 7.65 per cent of the total paid-up share capital and free reserves of the company based on the audited financial statements of the company as at March 31, 2017. The offer is open for all the shareholders, excluding promoters, promoter groups and persons acting in concert. The offer, which would be through open market purchases, would be payable in cash. The shares of VRL Logistics closed 1.55 per cent higher at ₹375.75 on the BSE.
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