 "Jindal Steel announces buyback worth Rs 1,000 cr at premium of 11.8%")
The buyback process is being managed by JM Financial Institutional Securities. It will be through open market transaction and will open on 16 September.
In a statement to the stock exchanges, post trading hours, the company said that at the maximum price the shares that can be bought back would be 38.31 million equity shares.
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"If the equity shares are bought back at a price below the maximum buy-back price, the number of equity shares bought back could exceed the maximum buy-back shares, but will always be subject to the maximum buy-back size," the company added.
On Friday, stocks of Jindal Steel & Power closed at Rs 233.35, up 2.93% on the BSE. The company had approved the resolution for buy back on 30 August.
The minimum buy back size is Rs 500 crore - half of the maximum buy back size.At the maximum buy-back price of Rs. 261 per equity share and for the minimum buy-back size of Rs 500 crore, the indicative maximum number of equity shares that can be bought back would be 19.15 million equity shares.
A month back, shares of the company hit its 52-week low of Rs 181.55.