Alembic Ltd today said its board has approved the proposal for buyback of 1.02 crore shares of the company for a total consideration not exceeding Rs 82 crore.
These fully paid-up equity shares represent up to 3.84 per cent of the total paid-up equity share capital of the company, Alembic Ltd said in a BSE filing.
The consideration excludes transaction costs namely fees, brokerage, applicable taxes such as securities transaction tax, goods and services tax, stamp duty, etc, it added.
"The promoters and members of the promoter group have indicated their intention to participate in the buy back offer," Alembic Ltd said.
Shares of Alembic Ltd today closed 1.63 per cent down at Rs 66.50 per scrip on BSE.
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