172@29@17@137!~!172@29@0@53!~!|news|business|markets|rites-announces-share-buyback-worth-up-to-rs-257-crore-5860901.html!~!news|moneycontrol|com!~!|controller|infinite_scroll_article.php!~!is_mobile=false
Moneycontrol
Watch experts decode 'The rise of ESG investing' on October 29 at 4pm. Register Now!
Last Updated : Sep 19, 2020 06:22 PM IST | Source: PTI

RITES announces share buyback worth up to Rs 257 crore

The company said the board has fixed September 30, 2020 as record date for the purpose of ascertaining the eligibility of shareholders for the buyback.

PTI
 
 
live
  • bselive
  • nselive
Volume
Todays L/H
More

Transport Infrastructure Consultancy and Engineering firm RITES Ltd on Friday said its board has approved buyback of 96.98 lakh shares with repurchase amount not exceeding Rs 257 crore.

The board of directors has approved "buyback of 96,98,113 equity shares of face value of Rs 10 each at Rs 265 per share, translating into the total buyback amount not exceeding Rs 257 crore", the company said in a statement.

The company was listed in July 2018, and at present 72.02 per cent shares are held by the Government of India and the balance is with the public and financial institutions.

Close

Rajeev Mehrotra, chairman and managing director, RITES Ltd, 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."

The company said the board has fixed September 30, 2020 as record date for the purpose of ascertaining the eligibility of shareholders for the buyback.

RITES Ltd is a miniratna public sector enterprise having diversified services and geographical reach.

The company has an experience spanning 46 years and has undertaken projects in over 55 countries of Asia, Africa, Latin America, South America and Middle East regions.

RITES Ltd is the only export arm of Indian Railways for providing rolling stock overseas (other than Thailand, Malaysia and Indonesia).
First Published on Sep 19, 2020 06:22 pm
Sections