Rain Commodities has announced its intention to buy-back its fully paid-up equity shares from the existing registered shareholders and beneficial owners of the company's shares. The face value of each share is Rs 10.
The number of shares to be bought back would depend upon the average price paid for the shares bought back and the amount deployed in the Buyback, said the company in a statement to the Bombay Stock Exchange today.
However, it added, that total number of shares to be bought back will not exceed 1.2 million equity shares.
The maximum offer price is Rs 307 a share which is at a premium of 41.87 per cent over the last month's closing price on BSE (29th August,2008).
The buyback will open on 25 September this year and last date will be 30 April, next year.
On the Bombay Stock Exchange, the company's shares were trading at Rs 178.10, down 4.76 per cent at IST 1225.
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