Transport Infrastructure Consultancy and Engineering firm RITES Ltd on Friday said its board has approved buyback of 96.98 lakh shares with repurchase amount not exceeding Rs 257 crore.
The board of directors has approved “buyback of 96,98,113 equity shares of face value of Rs 10 each at Rs 265 per share, translating into the total buyback amount not exceeding Rs 257 crore”, the company said in a statement.
The company was listed in July 2018, and at present 72.02 per cent shares are held by the Government of India and the balance is with the public and financial institutions.
Rajeev Mehrotra, chairman and managing director, RITES Ltd, said, “The company has strong financial fundamentals with debt-free balance sheet.
