RITES Limited has completed extinguishment of total 96,98, 113 fully paid up equity shares of (25cr) Rs10 each amounting to Rs250cr.
The letter of offer for the same was circulated on October 20, 2020 and the tendering period for the Buyback offer opened on October 27, 2020 and closed on November 10, 2020.
At around 10.56 am, Rites Ltd was trading at Rs250.65 up by Rs3.6 or 1.46% from its previous closing of Rs247.05 on the BSE. The scrip opened at Rs250 and has touched a high and low of Rs253.50 and Rs248.20 respectively.
“The above extinguishment has been done as per the provisions of Buyback Regulations. The number of Equity Shares bought back and the post-Buyback shareholding pattern were disclosed in the Post Buyback Public Announcement published on November 20, 2020,” company said in a regulatory filing on Tuesday.