Media firm DB Corp today said its board has approved a Rs 312.80 crore buyback proposal.
As per the plan, the company will purchase its 92 lakh equity shares at a price of Rs 340 a piece, for an aggregate amount of Rs 312.80 crore, DB Corp said in a filing to the BSE.
"The buyback would be subject to approval of the shareholders by way of a Special Resolution through Postal Ballot and all other applicable statutory approvals," it said.
Promoters currently hold 69.82 per cent stake in the company.
The promoters and promoter group of DB Corp will tender up to a maximum of 34 lakh equity shares (aggregating to 1.85 per cent of the share capital of the company) out of the 12.84 crore shares held by them, it added.
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