Monnet Ispat to buy back shares

Steel-maker Monnet Ispat today said it will buy back shares worth up to Rs 100 crore from the open market at a price not exceeding Rs 500 apiece.

“The buy-back of fully paid equity shares will be from the open market through the stock exchanges at a price not exceeding Rs 500 per share,up to a maximum amount of Rs 100 crore,being 4.97 per cent of the total paid-up capital,” the company said in a filing to the BSE.

Monnet Ispat said its board cleared the buy-back proposal at a meeting on December 22.

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Scrips of the company were trading at Rs 369.85 apiece on the BSE at around 1350 hours today,up 2.95 per cent vis-a-vis the previous day’s close.

As of September-end,promoters of the company held a 49.42 per cent stake in Monnet Ispat.