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Journalism of Courage
State-run SAIL on Friday said its shareholders have approved a proposal to buyback its own shares.
The buyback of shares is an enabling provision that has been accepted. There was no provision in the Article of Association of the company. So we have made this provision and got this approved by the shareholders. Now if there is a need or our Board decides so,we can buy back shares, SAIL Chairman C S Verma said after the companys Annual General Meeting (AGM).
Refusing to spell out a timeframe on the proposed buyback,Verma said that the organisation is in no hurry and executing the buyback will depend on the market conditions.
After the announcement,shares of the company shot up by 7.68 per cent to close at Rs 92.55 apiece on the BSE.
The AGM also approved payment of 20 per cent of total dividend for the year FY12.
