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Jindal Steel & Power is the latest to announce buyback of its shares worth Rs 1,000 crore at the maximum price of Rs 261 a share.
The buyback process is being managed by JM Financial Institutional Securities. It will be through open market transaction and will open on 16 September.
In a statement to the stock exchanges, post trading hours, the company said that at the maximum price the shares that can be bought back would be 38.31 million equity shares.
"If the equity shares are bought back at a price below the maximum buy-back price, the number of equity shares bought back could exceed the maximum buy-back shares, but will always be subject to the maximum buy-back size," the company added.
On Friday, stocks of Jindal Steel & Power closed at Rs 233.35, up 2.93% on the BSE. The company had approved the resolution for buy back on 30 August.
The minimum buy back size is Rs 500 crore - half of the maximum buy back size.At the maximum buy-back price of Rs. 261 per equity share and for the minimum buy-back size of Rs 500 crore, the indicative maximum number of equity shares that can be bought back would be 19.15 million equity shares.
A month back, shares of the company hit its 52-week low of Rs 181.55.
