Apollo Tyres has said that its Rs 122-crore share buyback offer will begin on April 23.
In a filing to the Bombay Stock Exchange, Apollo Tyres said the buyback offer would open on April 23 and close on March 18, 2010.
Under the offer the company would buy back a minimum of 67 lakh equities from the existing shareholders at a price of Rs 25 a piece, it said.
Last month, the board had approved a buyback amount of Rs 122 crore, constituting about 10 per cent of the paid-up capital and reserves of the company as on March 31, 2008.
ICICI Securities has been appointed as the merchant banker for the offer.
Shares of Apollo Tyres were trading at Rs 18.10, down 0.44 per cent in the afternoon trade on the BSE.
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