The board also approved the resignation of Rajeev Rungta as Director with immediate effect
Share price of Zenith Fibres declined more than 15 percent intraday on April 1 after the company announced buyback plans.
The company board approved buyback of upto 5.5 lakh equity shares (12.44 percent) at a price of Rs 55 per equity share, aggregating to Rs 3.02 crore through the Tender Offer on a proportionate basis from the shareholders as on the record date, as per company release on BSE.
The board also approved the resignation of Rajeev Rungta as Director with immediate effect and amendment of main object clause of the memorandum of association and adoption of a new set of articles of association.
At 1040 hours, Zenith Fibres was quoting at Rs 57.85, down Rs 8.25, or 12.48 percent on the BSE.