Amtek Auto to buyback shares worth up to Rs 291cr

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Amtek Auto to buyback shares worth up to Rs 291cr

Auto component maker Amtek Auto today said it will buyback shares worth up to Rs 291 crore through open market transactions.

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Auto component maker Amtek Auto today said it will buyback shares worth up to Rs 291 crore through open market transactions.

In a meeting held today, the company's board has approved the buyback of shares for a sum not exceeding "Ten percent of the total paid-up equity capital and free reserves of the company as on June 30, 2010".

In a filing to the Bombay Stock Exchange (BSE), the company said it will buyback the shares "at a price not exceeding Rs 200 per share payable in cash for an aggregate amount not exceeding Rs 291 crore".

The equity shares of the company carry a face value of Rs 2 each and the firm will buyback these from open market through stock exchanges, it added.

The shares of the company today closed 0.11% down at Rs 138.50 a piece on the BSE.