Buy-back of Shares
The Board of Directors has approved the proposal for buy-back of Company’s shares and the price.
Pursuant to the listing agreement, the Board of Directors of the Company in their meeting held on today have approved the proposal for buy-back of Company’s shares at a price not exceeding Rs. 280/- per share and upto an aggregate amount of Rs. 630 Crores, being within 25% of the paid up share capital and free reserves as per the audited balance sheet as at 31st March, 2010.
The proposal for buy-back is subject to necessary shareholders’ approval and compliance of statutory process. The buy back is proposed to be carried out from open market through the Bombay Stock Exchange Limited and the National Stock Exchange of India Limited.
The Board also decided to seek the consent of Members of the Company for the above proposal through Postal Ballot.