Indiabulls Real Estate board clears share buy back scheme worth Rs 624 cr

The board of Indiabulls Real Estate Ltd today approved a buy-back plan for up to 2.6 crore fully paid-up equity shares, amounting to Rs 624 crore.

"The board of directors of the company, at its meeting held on May 18, 2018, has approved the proposal of buy-back of up to 2.6 crore fully paid-up equity shares of Rs 2 each of the company, being approx. 5.45 per cent of existing paid-up share capital of the company," Indiabulls Real Estate said in a BSE filing.

The board has approved buy-back at prevailing market price on stock exchanges subject to a price not exceeding Rs 240 per equity share, aggregating up to an amount not exceeding Rs 624 crore.

TRENDING NOW

Back-To-Back Upper Circuit! This multibagger infrastructure stock hits upper circuit for 12th straight session

Meet Dr Mohan Yadav - BJP's pick as Madhya Pradesh's Chief Minister-elect

Retail inflation now stable, temporary increases due to demand-supply mismatches: FM Nirmala Sitharaman

Canara Bank, Wipro, Future Consumer, other stocks to watch out for on Tuesday

DLF CFO Vivek Anand resigns

D-Street Newsmakers: Tata Power, Subros, Ashok Leyland among 10 stocks that buzzed the most on Monday

States should look at asset sales in infra sector to bolster revenues: RBI Report

Multibagger defence stock Apollo Micro Systems approves conversion of warrants - Details

India planning to move from WPI to PPI in future: Official

Tata Power shares near record high after power generator joins hands with Indian Oil to set up EV charging points

Govt mulling restoration of old pension scheme (OPS) for central govt employees? Minister of State for Finance Pankaj Chaudhary says THIS in Lok Sabha

BPCL dividend: Bharat Petroleum Corp shares to trade ex-date on Tuesday

RBI approves HDFC Bank's product on offline retail payments for adoption

Sovereign Gold Bond 2023–24: Next tranche to open next week; all you need to know

Old Tax Regime clear winner, preferred by 63% taxpayers who prioritize long-term investments, tax-saving: Survey

"The maximum buy-back offer price has been arrived at considering market price of the equity shares of the company during the last 6 months," the company said.

Shares of the company closed at Rs 205.7 a unit, down 2.67 per cent from the previous close, on the BSE today.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)