Steel-maker Monnet Ispat today said it will buy back shares worth up to Rs 100 crore from the open market at a price not exceeding Rs 500 per share.
"The buy back of fully paid equity shares will be from the open market through the stock exchanges at a price not exceeding Rs 500 per share, up to a maximum amount of Rs 100 crore, being 4.97% of the total paid-up capital," the company said in a filing to the BSE.
Monnet Ispat said its board cleared the buy back proposal at a meeting on December 22.
Scrips of the company were trading at Rs 369.85 apiece on the BSE at around 1350 hours today, up 2.95% vis-a-vis the previous day's close.
As of September-end, promoters of the company held a 49.42% stake in Monnet Ispat.