Business   

Philips plans share buyback

KOLKATA: Philips Electronics India is proposing a buyback of its shares up to a maximum of 69 lakh equity shares at a price of Rs. 260 per share. The promoters, Koninklijke Philips Electronic NV, will participate in the buyback by tendering 9.5 per cent of the issued share capital. The resolution was sent to the polls by the minority shareholders some of whom opposed it.

At a press conference which followed the company’s annual meeting here on Saturday, Murali Sivaraman, Managing Director and CEO, Indian subcontinent, said that Rs. 180 crore had been set aside for this purpose out of the total Rs. 600 crore reserves that the company has.

He said the company, which is a dominant player in the three segments that it now operates in lighting, lifestyle and healthcare, was keen to make either acquisitions or enter into strategic partnerships in these areas. “We are looking at acquisitions,” Chairman, S. M. Datta, told shareholders earlier. To a question on the company’s vision for 2010, Mr. Sivaraman said “Philips would like to be known as a health and well-being company”.

Printer friendly page  
Send this article to Friends by E-Mail

Stories in this Section

RCom threatens retaliation if RIL goes legal
Airlines evaluate options of cheaper ATF imports
Infosys to extend ERP to external entities
Philips plans share buyback
Arthaeon to launch unique credit card
Economists fear move to weaken RBI, cooperative sector
Employing technology for rural uplift
Oil production to resume
BOI opens branch in Glasgow
Sterlite, Tata Power enter benchmark index
Iran discovers new oilfield in southwestern Jofeir
RPower bids lowest for two U.P. power plants

Copyright © 2008, The Hindu. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu