The company was listed in July 2018 and, as per the BSE filing, at present its 72.02 percent shares are held by the Government of India and the rest are with the public and FIs.
RITES, on September 18, announced its board of directors had approved the buyback of nearly 97 lakh shares at Rs 265 per share.
"The board of directors has approved buyback of 96,98,113 equity shares of the face value of Rs 10 each at Rs 265 per share, translating into the total buyback amount not exceeding Rs 257 crore," the transport infrastructure consultancy and engineering firm said in a BSE filing.
The company was listed in July 2018, and, as per the BSE filing, at present its 72.02 percent shares are held by the Government of India and the rest are with the public and FIs.
The board has fixed September 30 as the record date for the purpose of determining the eligibility of shareholders for the buyback.
Commenting on the share repurchase programme, Rajeev Mehrotra, chairman and managing director, RITES, said: "The company has strong financial fundamentals with debt-free balance-sheet. This repurchase reflects management’s confidence in the company and growth prospects in the sectors and geographies, where we operate."Shares of RITES closed 1.11 percent higher at Rs 255.25 on the BSE on September 18.