 "Bharti Infratel to buy back shares worth Rs 2,000 cr")
Mobile tower firm Bharti Infratel will buy back shares worth Rs 2,000 crore from shareholders.
“With the buy-back price of Rs 425 and buy-back size of Rs 19,99,99,99,775, the total number of shares to be bought back in the buy-back shall be 4,70,58,823 equity shares, representing 2.48 per cent of the total issued and paid-up equity capital of the company,” Bharti Infratel said.
The company will undertake buy-back on a proportionate basis from the shareholders as of June 16, 2016.
Shares of Bharti Infratel closed at Rs 380.35 a unit, up by 0.5 per cent compared to previous close, at BSE on Tuesday.
The promoter of the company, Bharti Airtel, might participate in the buy-back offer. The aggregate paid-up equity capital and free reserves of the Bharti Infratel as on March 31, 2016, was Rs 10,348 crore.
Under the provisions of the Act, the funds deployed for buy-back shall not exceed 25 per cent of the paid-up capital and free reserves of the company under shareholder approval route. “Accordingly, the maximum amount that can be utilised in the present buy-back is Rs 2,587 crore,” it said.
