Swaraj Engines today said it's board has approved the proposal to buy back 2.94 lakh shares for Rs 70.73 crore.
The board has approved buyback proposal for purchase by the company of its own fully paid equity shares of Rs 10 each not exceeding 2,94,746 equity shares (being 2.37 per cent of the total paid-up equity capital of the company) at a price of Rs 2,400 per share, for an aggregate amount not exceeding of Rs 70,73,90,400, the company has said in a BSE filing.
The decision was taken by the board in its meeting held today.
In another filing today, the board said, "The promoters of the company have communicated their intention to participate in the proposed buyback."
It said that Mahindra & Mahindra Ltd has indicated that it would be tendering a maximum of 97,915 equity shares or such lower number depending on the response received from the public shareholders.
Similarly, Kirloskar Industries indicated it would be tendering a maximum of 51,254 equity shares or such lower number depending on the response received from the public shareholders.
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