Marathon Nextgen Realty's board has approved a proposal to buyback equity shares for nearly Rs 150 crore.
In an interview to CNBC-TV18, Chetan Shah, CMD of Marathon Nextgen Realty said they have about Rs 260 crore cash on the book and the company will be making a buyback of less of around Rs 146 crore said Shah, adding that it is well withing the cash available.
The company has been accumulating profits over the last 13-14 years and wanted to now reward shareholders, said Shah.
Going forward, the has planned three projects - First is the SPV in Byculla 'Monte South' for which they have reached financial closure. Second is affordable housing project in Bhadup, which too is nearing financial closure, said Shah.For full interview, watch video.