Clariant Chemicals to buy back 13.42% shares for Rs 340 cr

Clariant Chemicals has sought shareholders nod to buy back more than 35 lakh shares for Rs 340 crore.

The board had approved the buyback of shares through tender route in April this year. The company has fixed the buy back price at Rs 950 per share.

"The approval of the shareholders be and is hereby accorded to the proposal of buy back ... up to 35,78,947 (representing 13.42 per cent of the total number of the equity share capital of the company) at the price of Rs 950 per equity share aggregating to Rs 340 crore," Clariant Chemicals said in a BSE filing.

Giving rationale for buy-back offer, the company said after the sale of the its Kolshet land, the board considered various alternatives for rewarding the equity shareholders.

After considering several factors and benefits to the equity shareholders, the Board of Directors decided to recommend buyback offer, it added.