Jindal Steel & Power Ltd has informed the BSE that its board on Friday approved the buyback of shares from existing shareholders other than the promoters at a price not exceeding Rs 261 per equity share.
The company would spend maximum of Rs 1,000 crore for the open market purchases. The buy-back will be upto a limit of 10 per cent of the company's paid-up equity capital and free reserves, JSPL said. The Re 1 JSPL stock was ruling down 7.72 per cent at Rs 224.65 at 1.50 p.m. on the BSE.