MUMBAI: Music and film company Tips Industries has informed the BSE that the board of directors has approved the decision to buy-back equity shares. The buy-back will be done from the open market through the stock exchange mechanism, the company informed BSE.

A few days ago, the company informed the BSE that it will discuss this particular topic at a board meeting.

As per the decision, dated 5 November 2015, the proposal stated that the buy-back shares will include “matters related/ incidental thereto of fully paid - up equity shares of face value Rs. 10 each of the Company from the existing shareholders of the Company, for an amount not exceeding Rs. 6.80 crore (Rupees Six Crore and Eighty lacs only) (excluding brokerage, transactional charges and taxes, if any) (hereinafter referred to as the Maximum Offer Size), being less than10 per cent of the total paid-up equity capital and free reserves of the company as on 31March, 2015, at a price not exceeding Rs 70 (Rupees seventy only) per Equity Share (excluding brokerage, transactional charges and taxes, if any) (hereinafter referred to as the ‘buy-back’).”