RITES announces share buyback at Rs 265 per share
RITES has strong financial fundamentals with a debt-free balance sheet, said CMD Rajeev Mehrotra
New Delhi: RITES Limited, the leading transport infrastructure consultancy and engineering firm, reported that its Board of Directors has approved buy-back of 96,98,113 equity shares of face value of Rs 10 each at Rs 265 per share translating into the total buyback amount not exceeding Rs 257 crore. The company was listed in July 2018 and at present 72.02 percent shares are held by government and balance is with the public and financial institutions. This information has been shared by the PSU in a regulatory filing to the stock exchange on Friday.
Commenting on the share repurchase program, RITES Limited's Chairman & Managing Director (CMD) Rajeev Mehrotra said, “The company has strong financial fundamentals with debt-free balance sheet. This repurchase reflects management’s confidence in the company and growth prospects in the sectors and geographies, where we operate.”
"The board has fixed September 30 as the record date for the purpose of ascertaining the eligibility of shareholders for the buyback," the company said in a statement on Friday.
RITES Limited is a Miniratna PSU under the Ministry of Railways. It is a leading player in the transport consultancy and engineering sector in India, having diversified services and geographical reach. The company has an experience spanning 46 years and has undertaken projects in over 55 countries including Asia, Africa, Latin America, South America and Middle East regions. RITES Limited is the only export arm of Indian Railways for providing rolling stock overseas (other than Thailand, Malaysia and Indonesia).
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