RITES fixes September 30 as record date for Buyback

The Buyback offer price is payable in cash for an aggregate consideration not exceeding Rs257cr.

Sep 18, 2020 04:09 IST India Infoline News Service

RITES
RITES Limited has fixed September 30, 2020 (EOD) as the record date for the purpose of ascertaining the eligibility of shareholders for Buyback of equity shares. The Board of Directors of the company in their meeting held on September 18, 2020, has inter-alia approved Buyback of the fully paid up equity shares of the company of face value of Rs10 each.

“Buyback of not exceeding ~96.98 lakh equity shares (representing 3.88% of the total number of equity shares in the paid-up share capital of the company) at a price of Rs265 per equity share (the Buy Back Offer Price) payable in cash for an aggregate consideration not exceeding Rs257cr.

The Buyback Offer Size represents 9.97% & 9. 76% of the aggregate of the fully paid-up equity share capital and free reserves as per the audited standalone and consolidated financial statements of the Company, respectively for the financial year ended March 31, 2020,”the company informed the exchanges on Friday. 

Rites Ltd ended at Rs255.25 up by Rs2.8 or 1.11% from its previous closing of Rs252.45 on the BSE.

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