Never miss a great news story!
Get instant notifications from Economic Times
AllowNot now


You can switch off notifications anytime using browser settings.
The Economic Times

Indiabulls Ventures okays Rs 1,000 crore share buyback, fixes price at Rs 150

NEW DELHI: The board of Indiabulls Ventures approved a proposal to buyback Rs 1,000 crore worth of shares via tender offer route at Rs 150 apiece on Friday. The announced buyback price is at 50.60 per cent premium to Thursday's closing price of Rs 99.60 on BSE.

The company said it will buy back up to 6,66,66,666 fully paid-up equity shares of the company, representing 12.61 per cent of its total existing fully paid-up equity capital.

At present promoters hold 35.53 per cent stake in the company.

Following the development, the scrip climbed 4.22 per cent to Rs 103.80 on BSE.

“The board has constituted a buyback committee and delegated powers to it to oversee and implement the Buyback and to do all such acts, deeds, matters and things, including fixation of record date, as it may, in its absolute discretion, deem necessary, expedient in connection with the buyback,” the company said.

The buyback size is more than 10 per cent of the company's paid-up equity capital and free reserves and thus subject to approval of shareholders by way of a special resolution, through a postal ballot and is proposed to be made from all eligible existing holders of the equity shares, on a proportionate basis, as on the record date, to be decided at a later date, the company said.
Stay on top of business news with The Economic Times App. Download it Now!