Textiles firm SRF today said it will kick off its Rs 90 crore buyback offer from March 30 onwards.
In a filing to the Bombay Stock Exchange (BSE) its buyback offer represents about 9.81% of the paid-up equity capital of the company.
"The actual number of equity shares to be bought back would depend upon the average price paid for equity shares bought back and the amount deployed in the buyback," the company said.
The offer will close 15 days after its commencement, it added.
Last month, SRF had said the buyback exercise will be carried out at Rs 380 per equity share.
"The proposed buyback could absorb a maximum of Rs 90 crore which is less than 10% of the paid-up capital and free reserves of the company as on March 31, 2010," it had said.
The shares of the company today closed 1.56% down at Rs 309.70 apiece over the previous close on the BSE.