New Delhi, Aug. 31 -- PVR INOX, the country's largest multiplex operator, on Monday, August 31, announced that its board of directors had considered and approved a proposal for the buyback of equity shares.

The company's board approved the first-ever buyback of up to 20.68 lakh fully paid-up equity shares with a face value of Rs.10 each at a price of Rs.1,450 per share. The buyback price is 20% premium over the stock's Monday closing price of Rs.1207 apiece.

The buyback, payable in cash, will aggregate to an amount not exceeding Rs.300 crore, excluding transaction costs and other expenses related to the buyback.

The buyback will be carried out on a proportionate basis through the tender offer route using the stock exchange mechanism. ...