TTK Prestige’s board today approved the buyback of 16.67 lakh shares for up to ₹200 crore at ₹1,200 per share. The buyback is at a premium of 26% to TTK Prestige’s closing share price of ₹955.60 on Thursday. Currently, the company’s shares are 4.5% from yesterday’s close at ₹999.00.
The company has set August 14 as the record date for the proposed buyback. The board has formed a buyback committee and the public announcement detailing the process, timelines, and other requisite information will be released in due course, the company said. The board has also appointed Inga Ventures Private Limited as the manager for the proposed buyback.
The shares of the company had risen nearly 4% on July 30 when TTK Prestige announced the board meeting to consider the buyback.
The board took note of the intention of members of the promoter and promoter group to participate in the proposed buyback, the company said.
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