Cosmo Films, engaged in the manufacturing of bi-axially oriented polypropylene films (BOPP) and thermal films, on Thursday submitted Letter of Offer for the buyback up to 1.26 million fully paid equity shares of the company amounting Rs 730 million.

"The company has submitted Letter of Offer on November 19 for the buyback up to 12.67 lakh fully paid equity shares of Cosmo Films of face value of Rs 10 each, representing 6.52% of the issued subscribed and paid-up equity shares of the company, from all eligible shareholders on record date (November 9) on a proportionate basis.

The buyback is submitted through the tender offer process at a price of Rs 576 a equity share payable in cash for an aggregate amount not exceeding Rs 730 million excluding transaction costs," the company said on Friday.

The opening date for the buyback of equity shares is on Nov.27, 2020 and closing date will be on Friday, Dec, 11,2020, the company said.

Shares of the company declined Rs 5.60, or 1.25%, to trade  at  Rs 443.  The total volume of shares traded  was  3,527 at  the BSE (Friday).