Rane Brake share buy-back completed

Rane Brake Lining Ltd. (RBL) promoters’ shareholding has increased to 68.60% from 66.99% following the buy-back of 1.85 lakh equity shares from shareholders through open market mechanism at an average price of ₹740 per share. It cost the company about ₹13.71 crore (excluding transaction costs).

It was during October 2020 that RBL made a public announcement to buy back shares from the shareholders/beneficial owners (other than promoters and promoter’s group), at ₹825 per share. It had set aside ₹22 crore. The buy back programme commenced on October 27 and ended on April 26. After the buy back, the total number of equity shares stands reduced to 77.30 lakh from 79.15 lakh, it said in a regulatory filing.

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