The board of the Hyderabad-based a multi-product company Nava Bharat Ventures has approved the buyback of company's fully paid up equity shares of Rs 2 each from the open market at a price not exceeding Rs 170 per share, payable in cash for an aggregate amount not exceeding Rs 50 crore.
The maximum offer size represents 6.29 per cent of the aggregate of the company's paid up equity capital and free reserves as on March 31, 2008.
The number of equity shares that would be bought back would depend upon the average price paid for the equity shares bought back and the aggregate consideration paid for such equity shares, a release said.
