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| Exchange Received Time 18/05/2018 17:42:38 Exchange Disseminated Time 18/05/2018 17:42:44 Time Taken 00:00:06 | We wish to inform that with a view to optimize returns to the shareholders without compromising on the high growth opportunities available to the Company, the Board of the Company, at its meeting held today, has approved the Buy-back of upto 2.6 Cr fully paid-up equity shares of the Company, being approx. 5.45% of existing paid-up share capital of the Company, at prevailing market price on Stock Exchanges subject to a price not exceeding Rs. 240 per equity share, aggregating up to an amount not exceeding Rs. 624 Cr, being less than 10% of total paid-up share capital and free reserves of the Company, from the open market through the Stock Exchange mechanism, in accordance with the provisions contained in SEBI Buyback Regulations. The proposed buy-back will make the balance sheet of the Company leaner by reduction in the overall capital employed in its business, which in turn will lead to higher earnings per share and enhanced return on equity.
For details, pls refer the attachment
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