According to a notification to Bombay Stock Exchange (BSE), the company said the commencement of buy-back would begin from July 10 and the last date for buy-back is February 6, 2009 or to a maximum of Rs 237 crore is exhausted or maximum number of shares that can be bought back is reached, whichever is earlier, the company said.
The company has already set a maximum buy-back price at Rs 325 per share and buy back its shares upto a maximum limit of Rs 237 crore.
Considering buy-back price of Rs 325 per share and buy back size, the minimum number of shares that can be bought back would be 7,292,308 shares, representing 5.25 per cent of the paid up capital as of December 31, 2007, the company said in a public announcement earlier.
Patni's stock was trading at Rs 241, nearly 3.66 per cent higher than Friday's close of Rs 232.50.
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