The company board approved a proposal to buyback upto 45 lakh equity shares of the company for an aggregate amount not exceeding Rs 450 crore.
Share price of Tata Investment Corporation gained more than 8 percent in the early trade on Monday after company approved the buyback plan.
The company board approved a proposal to buyback upto 45 lakh equity shares of the company for an aggregate amount not exceeding Rs 450 crore being 8.17 percent of the total paid-up equity share capital, at Rs 1,000 per share.
The buyback is proposed to be made from the shareholders of the company on a proportionate basis under the tender offer route, company said in release.
The buyback size does not include any expenses incurred or to be incurred for the buyback like filing fees, advisory fees, public announcement publication expenses, printing and dispatch expenses and other incidental and related expenses.
The buyback is subject to approval of the members by means of a special resolution through a postal ballot. The public announcement setting out the process, timelines and other requisite details will be released in due course in accordance with the buyback regulations, it added.
The share gained 29 percent in last 15 days.
At 09:22 hrs Tata Investment Corporation was quoting at Rs 876.50, up Rs 53.45, or 6.49 percent on the BSE.
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