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Bombay Dyeing to buy back share at Rs 90

Our Bureau

Mumbai , Sept. 24

THE board of directors of Bombay Dyeing & Manufacturing Company Ltd has decided to buyback shares at a price not exceeding Rs 90 per share.

The total amount is not to exceed Rs 33.57 crore, the company informed the BSE on Wednesday.

The buyback will be done through open market purchases. The company said that it would buy shares "to the extent of or less than 10 per cent of the paid-up equity capital and free reserves of the company, however not exceeding 25 per cent of the paid-up capital.''

Besides, the board has also approved allotment of 70,000 equity shares of the company to the working directors on exercise of options granted to them at an exercise price of Rs 10 per share under the Employee Stock Option Scheme (ESOS) on August 20, 2002 as fully paid-up and the grant of 55,000 options for 2003-2004 to the working directors. Each option will entitle the employee upon its exercise, to receive one share of the company.

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