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June 15, 2001
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Money > Business Headlines > Report June 15, 2001 |
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Britannia, Bombay Dyeing unwrap buyback detailsBS Corporate Bureau Britannia Industries and Bombay Dyeing, the blue-chip companies promoted by Nusli Wadia, have announced their share buy-back programmes at a maximum of Rs 750 and Rs 60 per share, respectively. Britannia Industries is expected to buy up to a maximum of 1 million shares, or 3.6 per cent of the equity capital, from the open market. The company's outflow for the purpose will not exceed Rs 550 million. Bombay Dyeing, which was under takeover threat from the Calcutta-based jute baron Arun Bajoria, will buy around 25 per cent (up to 10 million equity shares) of the total existing share capital of the company. Bombay Dyeing will seek the shareholders' approval at its annual general meeting proposed to be held on July 23. Adhiraj Sarin, managing director of Bombay Dyeing, said, "To enhance shareholder value, the company has decided to go in for a buy-back. The buy-back funding will be met through internal accruals." The boards of the two companies met Thursday to consider the respective proposals and will seek shareholders' approval shortly, according to notices sent to the Bombay Stock Exchange (BSE). The proposed buy-back programmes have taken the two scrips to new highs on the bourses in the country. Powered by YOU MAY ALSO WANT TO READ:
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