Engineering firm Greaves Cotton Thursday said its board has approved a proposal to buy back around 1.37 crore shares worth up to Rs 240 crore.
The price of shares will be Rs 175 apiece, it said.
The company's board, which met Thursday, also recommended the re-appointment of its MD and CEO Nagesh Basavanhalli for a further period of five years with effect from September 27, 2019, till September 26, 2024, Greaves Cotton said in a regulatory filing.
The company also said its profit after tax has declined 35.08 per cent to Rs 37 crore for the fourth quarter of 2018-19. It had posted a net profit of Rs 57 crore in the corresponding period of 2017-18.
Revenue grew 9 per cent to Rs 528 crore as against Rs 486 crore in fourth quarter of 2017-18.
Shares of the company Thursday ended 1.19 per cent up at Rs 148.40 on the BSE.
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