Tata Chem announces buyback

By Our Special Correspondent

MUMBAI, AUG. 13. Tata Chemicals today announced buyback of up to 15 per cent of the share capital of the company at a price of up to Rs. 60 per share, involving a maximum cash outflow of Rs. 162.58 crores. The company's total subscribed capital comprises of 18.06 crore shares of Rs. 10 each.

The board of directors of the company further recommended adoption of the open market route for the buyback through the stock exchanges.

``The implementation of the buy-back scheme will be decided by the company's board at an appropriate time, after the requisite approvals and taking into account other relevant factors,'' the company stated in a press release.

The company's share closed at Rs. 41.40 on August 13 on the Bombay Stock Exchange. The maximum price recommended by the board of directors for buy-back is at 45 per cent premium of the today's closing price.

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Section  : Business
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