Vaibhav Global Ltd on Wednesday announced the completion of buyback of its equity shares from the open market through the stock exchange mechanism.
The buyback started on August 20 in accordance with the procedure provided under the buyback regulations. The company bought back 8.65 lakh equity shares at an average price of Rs 831.72 per equity share.
Vaibhav Global deployed an amount of Rs 72 crore (excluding transaction costs) and extinguished the bought back shares as per provisions of the Securities and Exchange Board of India (Buyback of Securities) Regulations 2018.
On May 30, the board of directors had approved the proposal to buy back its own fully paid-up equity shares with a face value of Rs 10 each from the members of the company (other than the promoters, the promoter group and persons in control of the company).
Vaibhav Global is an electronic retailer of fashion jewellery, accessories and lifestyle products in developed markets with direct access to about 10 crore households through its TV home shopping networks -- Shop LC in the United States and TJC in Britain.
Its TV channels reach customers directly on all the major cable, satellite and DTH platforms -- Dish TV, DirecTV, Comcast, Verizon Fios, Time Warner, AT & T, Sky, Virgin, Freeview and Freesat.
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