Bhagyanagar India plans to buyback up to 80 lakh shares

Bhagyanagar India saw double digit gains in trade as the company plans to buyback a maximum of up to 80 lakh shares at maximum offer price of Rs 35 per share.

Managing director Narender Surana informed that the total buyback will be in the order of about Rs 15 crore and the total number of shares will be between 40-80 lakh. However, the promoter holding will stand between 71-72% post buyback. Here is the edited transcript of his interview to CNBC-TV18. Also watch the accompanying video. Q: Could you provide some details by way of buyback? How much of cash are you planning to invest in the buy back? Do you have this cash on the books?
A: Funds are available. The total buyback will be in the order of about Rs 15 crore. The total number of shares will be between 40-80 lakh shares. Q: What is the exact price of the buyback?
A: We cannot really determine the exact buyback price, but we will buy from the market at the market price. If the price slightly moves up or down, we cannot forecast, but we would buy at the market related price. Q: What will the promoter holding stand at post the buyback?
A: It will be approximately between 71-72%. It