Balrampur Chini Mills approves buyback of shares for up to Rs 990 mn

Leading sugar firm Balrampur Chini Mills on Wednesday said it will buy back 2.81 per cent of the company's equity shares at a price of Rs 150 per piece.

The board has approved the buyback proposal in Wednesday's meeting. It has fixed March 6, 2018, as record date to determine eligible shareholders, the company said in a regulatory filing.

The buyback of 6.6 million shares, representing up to 2.81 per cent equity shares in the company, will be done on a proportionate basis through a tender offer route, it said.

The shares worth Rs 990 million will be bought back at a price of Rs 150 per piece, payable in cash, excluding transaction costs.

The buyback would be subject to applicable statutory approvals, it added.

Balrampur Chini is one of the largest integrated sugar company in India. It has ten sugar factories in Uttar Pradesh.