The board has approved the buyback proposal in Wednesday's meeting. It has fixed March 6, 2018, as record date to determine eligible shareholders, the company said in a regulatory filing.
The shares worth Rs 990 million will be bought back at a price of Rs 150 per piece, payable in cash, excluding transaction costs.
The buyback would be subject to applicable statutory approvals, it added.
Balrampur Chini is one of the largest integrated sugar company in India. It has ten sugar factories in Uttar Pradesh.