Rajeev Mehrotra, chairman and managing director, RITES Ltd, 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 we operate."
The company said the board has fixed September 30, 2020 as record date for the purpose of ascertaining the eligibility of shareholders for the buyback.
RITES Ltd is a miniratna public sector enterprise having diversified services and geographical reach.
The company has an experience spanning 46 years and has undertaken projects in over 55 countries of Asia, Africa, Latin America, South America and Middle East regions.
RITES Ltd is the only export arm of Indian Railways for providing rolling stock overseas (other than Thailand, Malaysia and Indonesia).
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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