JB Chem buyback at Rs 70/share

The board of directors of JB Chemicals & Pharmaceuticals, which met today, approved a proposal for buyback of shares at Rs 70 per share.

According to a release issued by the company to the BSE today, the buyback would be for an aggregate amount of Rs 29.52 crore, which will be within 7.05% of the total paid-up capital and free reserves as per the audited balance sheet on March 31, 2007.

"The maximum price is at a premium of 41.27% over the closing price of Rs 49.55 on NSE on April 7, 2008. The average closing price of the company's share on the BSE for the last six months is Rs 64," the release added.