Sterlite Technologies approve share buyback up to Rs 145 crore

Electric power transmission company, Sterlite Technologies, has approved the buyback of equity shares of up to Rs 145 crore.

In a BSE filing made on March 24, 2020, the company informed that the board of directors, in its meeting held on Tuesday, has approved the buyback of fully paid-up equity shares of a face value of Rs 2 each from the open market, for a total amount not exceeding Rs 145 crore. It added that this amount will exclude all kinds of transactional and other related expenses made for the buyback like filing fees payable to SEBI, stock exchange and advisory fees, etc., at a price not exceeding Rs 150, per equity share.

The company also stated in the regulatory filing that the maximum buyback size represents 9.95 per cent and 9.32 per cent of the aggregate of total paid-up equity capital & free reserves (including securities premium), based on the audited standalone and consolidated financial statements respectively, for the financial year ended on March 31, 2019.

It concluded by saying that at the maximum buyback price and the maximum buyback size, the indicative maximum number of equity shares bought back would be 96.66 lakh equity shares, comprising approximately 2.40 per cent of the paid-up capital of the company as of March 31, 2019 (on a standalone basis).

At 10.21 am on Wednesday, the stock of Sterlite Technologies Ltd is trading at Rs 66.20, up by 0.08 per cent against its previous close of Rs 66.15. Its 52-week high is Rs 229.00 while, its 52-week low is Rs 59.80 on BSE.