InvestorQ : Can you tell me about the proposed buyback announced by Star Cement?
sara Kunju made post

Can you tell me about the proposed buyback announced by Star Cement?

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Mary Joseph answered.
3 months ago
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Star Cement announced that its board had approved the buyback of up to 82 lakh shares at Rs.150 per share through the tender offer route. The total buyback would be worth Rs.123 crore. The company has fixed August 25th as the record date for determining eligible shareholders to participate in the buyback. Hence, to be eligible for buyback, shares will have to be purchased latest by 23 August.

The buyback effectively represents 2% of the total Equity Capital of the company. It would be done on a proportionated basis and be open to equity shareholders of Star Cement who qualify for the offer. The consideration for the proposed buyback will represent 9.75% and 6.07% of aggregate paid-up equity capital and free reserves. The buyback at a substantial premium to the closing price of Rs.117 as on Friday.

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