Deccan Chronicle Holdings Limited, a Hyderabad-based publisher of English and Telugu dailies, is planning to buyback equity shares of Rs 2 each at a price not exceeding Rs 100 per share aggregating Rs 180 crore from the shareholders of the company. A proposal to this effect has been approved by the company's board of directors at its meeting held on Tuesday.
The maximum number of shares to be bought back through the stock exchanges will not exceed 35 million equity shares, which represents 14.29 per cent of the paid-up capital of the company. Post the buyback, the promoter holding in the company will not exceed 75 per cent of the paid-up capital. The minimum number of equity shares to be bought back is 10 million equity shares of Rs 2 each, the company informed the BSE today. The company’s board also declared an interim dividend of 100 per cent for the 2008-09 financial year.