Indiabulls Sec buys back 23.4 mn shares for Rs 74 cr

Financial and brokerage services provider Indiabulls Securities, which concluded its buy-back offer on March 5, today said it purchased over 23.40 million equity shares for Rs 73.95 crore under Sebi rules.

The buy-back offer, which commenced on May 14 last year, utilised 88.91 per cent of the amount authorised for it, Indiabulls Securities said in a filing with the Bombay Stock Exchange (BSE).

The company is in the process of extinguishing 11.7 million shares as per Sebi rules, it said. It has already extinguished an equal number before.

The buyback was effected through the open market route using nationwide electronic trading facilities of the country's two premier stock exchanges - the BSE and the NSE.

The price at which the equity shares were purchased was fixed on the prevailing price quoted on the BSE and NSE, it said.

The highest price offered for the buyback was Rs 33, while the lowest was at Rs 28.50 per share. The equity shares were purchased at an average price of Rs 31.49 per piece, it said.

Shares of the company closed at Rs 32.80, down 1.63 per cent from previous close on the BSE.