IL&FS buyback at Rs 75/shr

The board of directors of IL&FS Investment Managers has cleared a buyback proposal at Rs 75 per share with a mximum limit of Rs 6.2 crore.

According to a release issued to the BSE today, the buyback will be from the open market.

"The said buyback is subject to the approval of shareholders through postal ballot. The date of the extraordinary general meeting will be March 24, 2005," the release added.

The stock was up 7% at Rs 65 at 1330 hrs.