The company said the maximum buyback offer size represents 7.19 percent of the aggregate of the total paid-up equity share capital and free reserves of the company.
Shares of HSIL surged over 9 percent to hit their 52-week high of Rs 78 in morning trade on BSE on September 22.
The stock witnessed traction a day after the company said its board approved the share buyback plan.
"The board approved the proposal for buyback of fully paid-up equity shares of the face value of Rs 2 each from open market through NSE and BSE at a maximum buyback price of Rs 105 per equity share payable incash for an aggregate amount of Rs 70 crore," the company said in a regulatory filing.
The company said the maximum buyback offer size represents 7.19 percent of the aggregate of the total paid-up equity share capital and free reserves of the company based on the audited standalone financial statements of the company for the last financial year ended on March 31, 2020.
"At maximum buyback price and for maximum buyback offer size, the indicative maximum number of equity shares to be bought back would be 66,66,667 equity shares which are 9.22 percent of the total number of equity shares of the company," HSIL said.
Shares of the company traded 4.48 percent higher at Rs 74.60 on BSE at 11:20 hours.