Madras Cements' share buyback to open Feb 18

[K.Karthik Raja]

Madras Cements' share buyback to open Feb 18

NEW DELHI - Madras Cements Ltd's proposed buyback of shares from
open market will open on Feb 18, a company advertisement said today.
The company plans to buyback its shares for up to 4,200 rupees per
share for an aggregate amount not exceeding 644.73 mln rupees.
"At the maximum buyback price and for the buyback size, the
maximum number of shares that can be bought back would be 153,506,
representing 1.27% of the company's outstanding fully paid up equity
shares as on Mar 31, 2007," the advertisement said.
The buyback offer will remain open until Jan 30, 2009.
Madras Cements' board had approved the buyback proposal on Jan 31.
The company had commissioned an additional clinkering facility at its
Jayanthipuram unit on Jan 20, increasing the installed cement
manufacturing capacity to 8 mln tn per year from 6 mln.
At 10:03AM, shares of Madras Cements were trading at 3,700 rupees
on Bombay Stock Exchange, up 0.53% from Friday's close.