Balrampur Chini announces Rs 180 cr buyback offer

NEW DELHI: Sugar firm Balrampur Chini Ltd has proposed to buy back up to 1 crore shares of the company from eligible shareholders for an amount not exceeding Rs 180 crore.

The company, in a regulatory filing, informed that the buyback offer will open on July 20 and end on July 31.

It has offered to "buyback up to one crore fully paid-up equity shares of the company of face value of Rs 1 each, representing 4.55 per cent of the issued, subscribed and paid-up equity shares of the company, from all eligible shareholders", as per the filing.

The record date has been fixed as July 3, 2020.

The buy back will take place on a proportionate basis, through the 'tender offer' process at a price of Rs 180 per equity share, payable in cash, for an aggregate maximum amount not exceeding Rs 180 crore, the filing said.