The board of directors of Madras Cements, which met today, approved a proposal to buy back shares at a maximum price of Rs 4,200 per share.The current market price is around Rs 3,831.
According to a release issued to the BSE today, the maximum amount for which the shares could be purchased (10% of the paid-up capital and free reserves) would be Rs 644.726 crore.The board meeting also declared a second interim dividend of Rs 10 per share of Rs 10 each for 2007-08.
"The company has commissioned, on January 20, 2008, an additional clinkering facility at its Jayanthipuram unit because of which the installed cement manufacturing capacity of the company has increased from six million tonne per annum to eight million tonne per annum," the release added.
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