Zee Entertainment plans another round of share buyback
Zee Entertainment Enterprises Ltd (ZEEL) today said it may buyback equity shares of the company up to a value not exceeding 10% of the paid up capital and free reserves.
In a filing to the BSE, ZEEL said a meeting of its board of directors will be held on April 4 to consider the proposal.
Earlier this month, ZEEL had announced closure of a buyback programme that commenced on July 27, 2011.
The company had bought back over 1.93 crore equity shares for Rs 231.93 crore as part of its earlier buyback plan.
In the filing today, the company said another buyback has been proposed since the company has been able to buyback shares only up to a value of Rs 232 crore as against the shareholder approved limit of Rs 700 crore.
ZEEL's scrip closed at Rs 126.55 per share, down 0.82% from the previous close on the BSE.