A special committee of the board has decided, that the actual buyback of up to 10 per cent of the common stock would be scheduled after the close of the fiscal 2005-06, to allow for necessary preparations, the company informed the Bombay Stock Exchange.
The details of the buyback including the price of buyback, mode of buyback and exact percentage would be decided closer to the actual buyback in April 2006, it said.
The special committee also authorised the management to work towards obtaining a rating for the company to permit flexibility in raising funds, it added.