New Delhi, Sept. 29 -- Transport Corporation of India, on Tuesday, 29 September, announced that its board of directors had considered and approved a proposal for the buyback of equity shares.

The company's board approved its first-ever buyback of up to 1.56 million fully paid-up equity shares with a face value of Rs.2 each, representing up to 2.03% of the total number of equity shares in the paid-up equity share capital of the company, at a price of Rs.960 per share.

The buyback price represents a 10.6% premium over the stock's Tuesday closing price of Rs.868 apiece.

The buyback, payable in cash, will aggregate to an amount not exceeding Rs.150 crore. The buyback size represents 6.76% and 6.15% of the aggregate of the company's fully p...