1. Bharti Infratel to buy back shares worth Rs 2,000 crore

Bharti Infratel to buy back shares worth Rs 2,000 crore

"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...

By: | New Delhi | Published: June 14, 2016 9:14 PM
bharti infratel Mobile tower firm Bharti Infratel will buy back shares worth Rs 2,000 crore from shareholders. (Reuters)

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.

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