1. Bharti Infratel announces buyback of 4.70 crore equity shares at Rs 425 per share from June 16

Bharti Infratel announces buyback of 4.70 crore equity shares at Rs 425 per share from June 16

Bharti Infratel on Tuesday before market hours announced buyback of 4.70 crore equity shares of Rs 10 at a price of Rs 425 per share.

By: | Updated: June 14, 2016 4:56 PM
bharti infratel Bharti Infratel before market hours announced buyback of 4.70 crore equity shares of Rs 10 at a price of Rs 425 per share. (Photo: Reuters)

Bharti Infratel on Tuesday before market hours announced buyback of 4.70 crore equity shares of Rs 10 at a price of Rs 425 per share. The buyback shall be undertaken on a proportionate basis from the shareholders as of June 16, 2016.

The buyback price represents a premium of 12.25 per cent and 12.43 per cent over the closing price of Rs 378.60 on BSE and Rs 378 on NSE on Monday.

The aggregate paid-up equity capital and free reserves of the company as on March 31, 2016 was Rs 10,348 crores and under the provisions of the Act, the funds deployed for buyback shall not exceed 25 per cent of the paid-up capital and free reserves of the company under shareholder approval route.

Accordingly, the maximum amount that can be utilised in the present buyback is Rs 2,587 crores. The aggregate amount proposed to be utilised for the buyback is Rs 19,99.99 crore excluding the transaction costs.

The buyback is being proposed by the company to return surplus fund to the shareholders, which are over and above its ordinary capital requirements and in excess of any current investment plans, in an expedient, efficient and cost effective manner.

The share price of Bharti Infratel closed 0.46 per cent up at Rs 380.35. The scrip opened the day at Rs 383.45 and touched a high and low of Rs 385.50 and Rs 378.15.

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