DSCL Board okays share buy back

Buy back of shares will open on March 5, while last date for its completion will be September 4

Diversified group DCM Shriram Consolidated Ltd (DSCL) today said its Board has approved buying back of the company's shares from existing shareholders for not more than Rs 135 crore.

In a meeting held on February 22, "the Board has approved buyback of the company's fully paid-up equity shares from its existing shareholders for a total consideration not exceeding Rs 135 crores and at a price not exceeding Rs 90 per equity payable in cash," the company said in BSE filing.

Buy back of shares will open on March 5, while last date for its completion would be September 4, it said.

The company said a maximum of 75 lakh shares can be brought back at a minimum buyback price of Rs 90 per share and minimum buyback size of Rs 67.50 crore.

Shareholders's nod for buyback is not required as maximum buyback size is less than 10% of the total called up and paid-up equity capital and free reserves of the company as on March 31, 2013, it added.

DSCL is an integrated business entity with presence in sectors like sugar, fertilisers, chloro-vinyl, bioseeds, cement, and rural retail chain Hariyali Kisaan Bazaar.