Godrej Industries today said its Rs 99 crore share buyback will begin on May 18.
In a public announcements made to the shareholders of the company, Godrej Industries said it would buy back 57 lakh shares from the open market at a price of up to Rs 275 a piece, aggregating to Rs 99 crore.
The buyback would begin on May 18 and close on July 20, 2009.
The company said it would fund the buyback from its current surplus or cash balance and internal accruals.
As of March 31, the promoters held 78.57 per cent stake in Godrej Industries.
Shares of the company closed at Rs 73.30, up 3.68 per cent on the BSE yesterday.