Max India has said that it will buy back shares worth Rs 92 crore from the current shareholders. The company has fixed a price of Rs 85 per share. The purchase will be made under the Capital Reduction Program. The company has given this information to NSE. The company's stock closed at Rs 62 on September 14. This means that the company will buy shares at a 37 percent premium.
Max India was listed on the stock exchange on August 28 as part of the demerger process last month. It has Rs 400 crore as treasury corpus. The money came from the divestment process of its earlier subsidiary Max Bupa. Of this, the company will spend 92 crore rupees on the purchase of shares.
Posted Using LeoFinance