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The board of directors of the JB Chemicals & Pharmaceuticals Ltd, has recently approved the buyback of equity shares at its meeting held on Tuesday. The board has stated that the approval is subject to such other approvals / consents, as may be necessary, and the buyback is going to take place at a maximum price not exceeding Rs 70 per share and up to an aggregate amount of Rs 29.52 crore. The buyback is taking place within 7.05 per cent of the total paid-up capital and free reserves as per the audited balance sheet as at 31st March, 2007.
The sources from the company have informed that the company has also proposed for buy back shares listed on the BSE and NSE through open market purchases from time to time. The sources added that the company is giving a maximum price at a premium of 41.27 per cent over the closing price of Rs 49.55 of the companys share on NSE as on 7th April. The sources further informed that the average closing price of the companys share on the BSE for the last six months is Rs 64.
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| Posted : 4/10/2008 |
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