The board fixed 30th September 2020 as record date for the purpose of ascertaining the eligibility of shareholders for the buyback.
The announcement was made after market hours on Friday, 18 September 2020. Shares of RITES rose 1.11% to settle at Rs 255.25 on Friday.
The stock was listed on the bourses in July 2018 and at present 72.02% shares are held by GoI and balance is with the public and FIs.
Rajeev Mehrotra, Chairman and Managing Director, RITES said the company has strong financial fundamentals with debt free balance sheet. This repurchase reflects management's confidence in the company and growth prospects in the sectors and geographies, where it operates.
RITES is a Miniratna (Category – I) Schedule ‘A' Public Sector Enterprise and a leading player in the transport consultancy and engineering sector in India, having diversified services and geographical reach.