Madras Cements to buyback shares worth over Rs 64.47 cr

Madras Cements to buyback shares worth over Rs 64.47 cr
14 Feb, 2008, 2110 hrs IST, PTI

MUMBAI: Madras Cements on Thursday said it will buyback shares worth over Rs 64.47 crore, representing ten per cent of the paid-up capital and free reserves of the company as of March 31 last year.

For the buyback, the company would pay not more than Rs 4,200 per share, it said in a filing to the Bombay Stock Exchange.

Calculated on the basis of the closing price of the company at Rs 3,680, the buyback price is at a premium of 14.13 per cent. The buyback offer of shares, which would begin on February 18, was approved at the company's board meeting held on January 31.

The last date for the offer would be January 30, 2009 or when the buyback of shares worth Rs 64.47 crore is completed, the filing added. Shares of the company closed at Rs 3,680, up 5.98 per cent at the BSE.