In all probability, this buyback seems to be set up for the promoters!
Buyback price is at such a huge premium.
Optimum time to buyback would have been a few months before when it traded at around 160 types. But then the promoters would have got only 60% of what they would get now. At least 105 crores from the 141 crores would definitely go to promoters, since their holding is already almost 75% which is the upper limit for promoters. To keep to the limit they would have to (Read they want to show they have to!! :-)) tender at least a proportionate amount of shares.
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