TTK Prestige announces share buyback at Rs 1,200 per share to raise up to Rs 200 cr

TTK Prestige on August 2 said its board approved share buyback to raise up to Rs 200 crore through the tender offer route. The company said, in a stock exchange filing, it will buyback up to 16.67 lakh shares at Rs 1,200 per share.

"The Board of Directors approved the buyback of up to 16,66,667 fully paid-up equity shares of face value of Rs 1 each of the Company, representing up to 1.2 percent of the total paid up Equity Shares of the Company at a price of Rs 1,200 per equity share, payable in cash for an aggregate amount of up to Rs 200 crore on a proportionate basis through tender offer route," said the company.

The Board of Directors has determined the record date for the proposed buyback as August 14, 2024, said TTK Prestige, adding that the public announcement setting out the process, timelines and other requisite details will be released in due course in accordance with the Buyback Regulations.

Inga Ventures Private Limited has been appointed as the Manager to the proposed buyback.