Zee Entertainment approves Rs 600 crore share buyback
In short
Zee Entertainment approved a Rs 600 crore share buyback at Rs 91 per share.
The company plans to buy back up to 6.59 crore shares through the tender offer route, with November 25 as the record date. Promoters will stay out of the offer.
What the reporting says
Zee Entertainment approved a Rs 600 crore share buyback at Rs 91 per share, a 24% premium over its latest NSE closing price. The company plans to repurchase up to 6.59 crore shares through the tender offer route, with November 25 fixed as the record date. Promoters will not participate in the offer.
Why it matters
Zee Entertainment approved a Rs 600 crore buyback at Rs 91 a share, which the source says is a 24% premium to the latest NSE close. The company will repurchase up to 6.59 crore shares through the tender offer route, and promoters will not participate. The move is relevant for shareholders because buybacks can support the stock and reduce shares outstanding.