At the maximum buyback price and size, the indicative maximum number of equity shares bought back would be 55,55,555 equity shares (comprising 3.42 percent of the existing paid up equity share capital).
DCM Shriram share price rallied 7.7 percent intraday on Monday after the board of directors have approved the buyback of fully paid up equity shares for up to Rs 250 crore and fixed the maximum price to buyback shares at Rs 450 per share.
"The maximum buyback size represents 8.16 percent and 8.37 percent of the aggregate of the company's paid-up equity share capital and free reserves based on the standalone and consolidated audited financial statements of the company respectively, as at March 31, 2018," it said.
At the maximum buyback price and size, the indicative maximum number of equity shares bought back would be 55,55,555 equity shares (comprising 3.42 percent of the existing paid up equity share capital).
"The company will utilise at least 50 percent of the amount earmarked as the maximum buyback size for the buyback i.e. Rs 125 crore and based on the minimum buyback size and the maximum buyback price, the company would purchase a minimum of 27,77,778 shares in the Buyback," DCM Shriram said.
At 15:18 hours IST, the stock price was quoting at Rs 316.95, up Rs 11.05, or 3.61 percent on the BSE.