JB Chemicals and Pharmaceuticals said today that its board has approved the buy-back of up to 33.33 lakh shares of the company for up to Rs 130 crore.
The company has offered to pay Rs 390 per share.
This excludes transaction costs such as fees, brokerage, taxes and duties, JB Chemicals said in a BSE filing.
The Board of Directors of the company has, at its meeting held today, approved the buy-back of up to 33,33,333 fully paid-up shares of the company through the 'Tender Offer' route, it added.
These shares represent 3.99 per cent of the total paid-up equity share capital of the company, it said.
The company's stock was trading 1.26 per cent up at Rs 341.35 on BSE in the afternoon.
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