Mumbai, Sep 25 : Graphite electrodes manufacturing firm HEG Ltd today announced an open offer to buy back shares from the existing shareholders for an aggregate amount not exceeding Rs 48.5 crore.
The offer size represents 9.98 per cent of the aggregate of its paid-up equity capital and free reserve as on March 31, 2008, HEG Ltd said in a regulatory filing to the Bombay Stock Exchange.
"The maximum buy-back price is Rs 350 at a premium of 32.25 per cent over the closing price on the BSE on August 20, 2008," it said.
The last date of the equity buy-back offer, which opens on October 7, has been fixed at August 18, 2009, it said.
All payment obligations related to the buy-back should be completed by the last date of the offer, it added.
Shares of the company closed at Rs Rs 221.85, up 299 on the BSE
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