Consumer electronics major Philips Electronics India has decided to float an buyback offer of Rs 242 per share, to enable minority shareholders make an exit.
The company is understood to have set aside Rs 146 crore for the buyback offer for a maximum of 60,23,070 equity shares with a face value of Rs 10 each.
The buyback offer was approved by the shareholders of the company at the annual general meeting.
Last year, the company had offered buyback of shares at Rs 260 per share. But it did not elicit much response from minority shareholders.
Philips had delisted itself from the stock exchanges following which the holding of the parent company, Philips Electronics NV of the Netherlands, reached nearly 96.4 per cent, while the balance 3.6 per cent was held by individual shareholders, FIIs, banks and mutual funds.