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Sterlite Tech rallies after board approves Rs 145 cr share buyback

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Sterlite Technologies advanced 4.02% to Rs 66 after the company said its board has approved a proposal to buy back shares worth up to Rs 145 crore.

The board at its meeting held today, 24 March 2020, has approved the company to buyback shares at a price not exceeding Rs 150 per share.

At the maximum buyback price and the maximum buyback size, the indicative maximum number of equity shares bought back would be 96,66,666 equity shares, comprising approximately 2.40% of the paid-up capital of the company as of 31 March 2019.

The maximum buyback size represents 9.95% and 9.32% of the aggregate of the total paid-up equity capital and free reserves of the company based on the audited standalone and consolidated financial statements respectively for last financial year ended on 31 March 2019.

Sterlite Technologies' consolidated net profit tanked 67.01% to Rs 52.63 crore on a 11.54% decline in net sales to Rs 1,202.66 crore in Q3 December 2019 over Q2 September 2019.

Sterlite Technologies is engaged in designing, building and managing smarter digital networks. Its digital networks focused business products, services and software includes optical communication products, network and system integration services and operations support systems (OSS)/business support system (BSS) software solutions.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, March 24 2020. 10:50 IST