Bharti Infratel dips as stock turn ex-date for share buyback

The stock dipped 4% to Rs 364 on the BSE.

Bharti Infratel has dipped 4% to Rs 364, its lowest level of the day on the BSE, in otherwise strong market as the stock turned ex-date for buyback of shares. The S&P BSE Sensex was up 1% or 309 points at 26,708.

The company has fixed June 16, 2016 as the record date for the purpose of buy-back of equity shares. It will buy back shares worth Rs 2,000 crore on a proportionate basis from the shareholders though tender offer.

Bharti Infratel said the committee at its meeting held on June 13, 2016 has determined the final buy-back price of Rs 425 and the final amount for buy-back to be Rs 2,000 crore. "The total number of shares to be bought back in the buy-back shall be 47.06 million equity shares, representing 2.48% of the total issued and paid-up equity capital of the company," it added.

Earlier, the board of directors of the company at its meeting held on April 26 had approved the share buyback proposal at a maximum price of Rs 450 per equity share.

Till 03:20 PM, a combined 3.05 million shares changed hands on the counter on the BSE and NSE.