Asahi Songwon Colors, engaged in the business of manufacturing and export of color pigments, has submitted Letter of Offer on Wednesday for the buyback up to 0.25 million fully paid equity shares of the company worth Rs 80.8 million.

"The company has submitted Letter of Offer on December 02 for the buyback up to 0.245 million fully paid equity shares of Asahi Songwon Colors of face value of Rs 10 each, representing  2% of the issued subscribed and paid-up equity shares of the company, from all eligible shareholders on record date (November 20) on a proportionate basis.

The buyback is submitted through the tender offer process at a price of Rs 330 a equity share payable in cash for an aggregate amount not exceeding Rs. 80.8 million excluding transaction costs," company said on Wednesday.

Systematix Corporate Services is the Manager to the buyback offer; Link Intime India is the Registrar.

Shares of the company gained Rs 5, or 2.3%, to settle  at  Rs 222.25.  The total volume of shares traded  was  3,626 at  the BSE (Wednesday).