Consumer electronics major Philips Electronics India has decided to float a buyback offer at Rs 242 a share to enable minority shareholders exit. The company is understood to have set aside Rs 146 crore for the buyback offer for a maximum of 6.02 million 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 Rs 260 per share. But the offer 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.