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Amtek Auto has bought back 64.26 per cent of the maximum buy-back size of Rs 291 crore.
The company had announced a maximum buy-back price of Rs 200 a share
The offer opened on January 16 and closed on June 28.
A company statement said that 1.455 crore shares in all were bought back for Rs 187.01 crore at an average price of Rs 128.97 a share.
The company has extinguished 1.26 crore shares so far and is in the process of extinguishing the remaining 19.23 lakh shares.
After the buy-back, public shareholding in the company has come down from 62.56 per cent to 60.07 per cent.
Promoter holding has gone up from 37.44 per cent to 39.93 per cent post the buy-back.
In a buy-back offer, companies buy back their shares from non-promoter shareholders. Shares tendered under the offer are extinguished and this brings down the paid-up capital of the company.
Buy-back is usually done by companies to deploy excess cash on their balance sheet and shore up their valuation.
>raghavendrarao.k@thehindu.co.in
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