Borosil Glass Works announced that the company approved buy-back of 6,96,000 equity shares of Rs.10 each.

The company said, "The board of directors in a meeting held today approved a buyback proposal for purchase  of upto 6,96,000 equity shares of Rs.10 each that represent 23.15% of the total equity capital, from all the shareholders of the company on a proportionate basis through the 'tender offer' route at a price of Rs. 2,500 a equity share, aggregating to Rs.1.74 billion"

The board noted the intention of the one of promoter entities of the company to participate in the proposed buy-back.

The buy-back would be subject to approval of the shareholders by way of a special resolution through Postal Ballot and all other applicable statutory approvals.

Shares of the company declined Rs 35, or 1.4%, to settle at Rs 2,471. The total volume of shares traded was 4,749 at the BSE (Friday).