Pipemaker Welspun Corp. Ltd. on Monday announced a Rs 390 crore share buyback plan for 2.8 crore shares at Rs 135 apiece.
“The buyback committee at its meeting held today (Monday) has fixed the buyback size of Rs 390 crore at a buyback price of Rs 135 per share,” Welspun Corp. said in a BSE filing.
The company will buy back up to 2.88 crore equity shares. The committee has fixed July 5 as the “record date” to determine the company's equity shareholders who would be eligible to participate in the buyback, it added.
On Monday, Welspun Corp.'s shares rose 0.07 percent to Rs 140.05 apiece on the BSE while the benchmark Sensex shed 0.18 percent to end the day at 39,122.96 points.
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