"The buyback offer has been authorised pursuant to the resolution passed by the Board of Directors of the company at its meeting held on February 7," the company said in a BSE filing.
It has appointed SBI Capital Markets Ltd as the manager to the buyback offer.
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It added that the maximum number of equity shares proposed to be bought back pursuant to the buyback offer represents approximately 7.33 per cent of the total number of equity shares in the paid-up share capital of the company, the company said.
Under the buyback plan, the shares bought by the company are extinguished from the shareholding. Thus the shareholding reduces by that much number of shares and capital.
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