Apollo Tyres, a leading maker of vehicle tyres, on Thursday said it planned to buy back up to worth Rs122 crore equity shares of the company from the open market. The board of the company approved the buy back on Thursday, it said in a statement to Bombay Stock Exchange (BSE).
At the maximum buy back price of Rs 25 a share, the company is offering a whopping 34.4 percent premium to the current market price of Rs18.6 a share at1.30 PM on Thursday on BSE.
The share had a 52 week high of Rs48.40 on 05 May 2008.
It has approved ICICI Securities as the merchant bankers for the buy back programme. It has proposed to buy back minimum 6.7 million equity shares.
