Zee Entertainment announced today that they will undertake Rs. 700 crore share buyback programme at a price not exceeding Rs 126 per equity share.
The company proposes to buyback a minimum of 1.26 crore equity shares from existing shareholders other than the promoters.
The maximum buyback size is within 25 per cent of the aggregate of the company's paid-up equity capital and free reserves as on March 31, 2010.
The buyback offer will open on July 27, 2011, and close on March 23, 2012. "Last date for the buyback is March 23, 2012, or when the company completes the buyback to the extent of Rs 700 crore, whichever is earlier," it said.
The company's shareholders had approved the buyback through a postal ballot on March 25, 2011.