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Kirloskar Oil to buyback shares

MUMBAI MAY 8 . Kirloskar Oil Engines Ltd (KOEL) is to buyback 40 lakh shares at Rs. 75 per share for Rs. 30 crores through a tender route.

The buyback programme for 20.87 per cent of capital would open on June 7 and close on June 21, according to the offer prospectus filed with the Securities and Exchange Board of India.

"The board is of the view that buyback is necessary to return surplus cash to shareholders, resulting in improvement in earnings and enhance overall shareholder value,'' it said.

After the buyback, promoters and associates would hold 74.72 per cent stake in the company. The buyback would not result in a change in control or otherwise affect the existing management structure of the company, it said.

— PTI

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