Dalmia Bharat board approves Rs 500-cr share buyback proposal

Cement maker Dalmia Bharat Ltd on Saturday said its board has approved a proposal to buy back shares worth up to Rs 500 crore.

The company further said it intends to buy not more than 71,42,857 shares at a maximum price of Rs 700 per unit.

The shares will be bought back from the open market by using the electronic trading facilities of National Stock Exchange of India Limited and BSE Limited, the company said in a statement.

"The Board of Directors, at its meeting held on March 21, 2020, has approved buyback of the company's fully paid-up equity shares having a face value of Rs 2 each for an aggregate amount not exceeding Rs 500,00,00,000 excluding buyback tax, brokerage, costs, fees, turnover charges, taxes such as securities transaction tax, goods and services tax (if any) and income tax, stamp duty, advisors fees, filing fees and other incidental," it said.

Dalmia Bharat Ltd currently has a cement manufacturing capacity of 26.5 million tonne per annum. The company's 12 cement manufacturing units are spread across nine states. The company also the lowest carbon footprint in the cement world, globally.

On Friday, Dalmia Bharat shares closed 5.06 per cent up at Rs 511.10 apiece on the BSE.