Mobile tower firm Bharti Infratel will buy back shares worth Rs 2,000 crore from shareholders.
“With the buy-back price of Rs 425 and buy-back size of Rs 19,99,99,99,775, the total number of shares to be bought back in the buy-back shall be 4,70,58,823 equity shares, representing 2.48 per cent of the total issued and paid-up equity capital of the company,” Bharti Infratel informed the stock exchanges.
The company will undertake buy-back on a proportionate basis from the shareholders as of June 16, 2016.
Shares of Bharti Infratel closed at Rs 380.35 a unit, up by 0.46 per cent compared to previous close, at BSE today.
The promoter of the company, Bharti Airtel Limited, may participate in the buy-back offer.
The aggregate paid-up equity capital and free reserves of the Bharti Infratel as on March 31, 2016 was Rs 10,348 crores.
Under the provisions of the Act, the funds deployed for buy-back 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 buy-back is Rs 2,587 crores,” the company said.