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