The board had approved the buy back of shares through tender route in April this year. The company has fixed the buy back price at Rs 950 per share.
"The approval of the shareholders be and is hereby accorded to the proposal of buy back ... Up to 35,78,947 (representing 13.42 per cent of the total number of the equity share capital of the company) at the price of Rs 950 per equity share aggregating to Rs 340 crore," Clariant Chemicals said in a BSE filing.
After considering several factors and benefits to the equity shareholders, the Board of Directors decided to recommend buy back offer, it added.
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