The board of Indiabulls Real Estate Ltd today approved a buy-back plan for up to 2.6 crore fully paid-up equity shares, amounting to Rs 624 crore. “The board of directors of the company, at its meeting held on May 18, 2018, has approved the proposal of buy-back of up to 2.6 crore fully paid-up equity shares of Rs 2 each of the company, being approx. 5.45 percent of existing paid-up share capital of the company,” Indiabulls Real Estate said in a BSE filing.

The board has approved buy-back at prevailing market price on stock exchanges subject to a price not exceeding Rs 240 per equity share, aggregating up to an amount not exceeding Rs 624 crore.

“The maximum buy-back offer price has been arrived at considering market price of the equity shares of the company during the last 6 months,” the company said.

Shares of the company closed at Rs 205.7 a unit, down 2.67 percent from the previous close, on the BSE today.

[“Source-moneycontrol”]