The board of RITES on Friday approved the buyback issue for ₹257 crore. The buyback will not be exceeding 96.98 lakh shares (representing 3.88 per cent of the total number of equity shares in the paid-up share capital of the company) at ₹265 a share, aggregating to ₹257 crore, the PSU major said in a release to the stock exchanges. The buyback to the shareholders as on record date would be on a proportionate basis through a tender offer route. The stock of RITES on Friday closed at ₹255.25 on the BSE.