PVR share buyback to close in May next year

New Delhi: Film exhibitor and distributor PVR Ltd on Tuesday said its board has approved the buyback of about 18 lakh shares for Rs 26.22 crore, which will close in May next year.

In a filing to the Bombay Stock Exchange, PVR said its board of directors has approved buying "fully paid equity shares of Rs 10 each for an amount not exceeding Rs 26.22 crore, being 6.90 per cent of paid-up share capital and free reserves as on March 31, 2011, for a price not exceeding Rs 140 per share."

The buyback period will close on May 26, 2012, even if the shares bought back are less than the minimum offer shares, it added.

The number of shares to be bought back would be between 5.62 lakh shares (minimum offer shares) and 18.72 lakh shares (maximum offer shares), it said.