The Bengaluru-based company has issued a public announcement on June 23 in various newspapers for the buyback of its equity shares from the open market.
The proceeds of the sale will be used to bring down the debt of the company including its wholly-owned subsidiary, Parry Sugars Refinery India and for general corporate purposes, it added.
The board approved the proposal to buy back 19,78,91,146 fully paid-up equity shares at a price of Rs 115 per unit for an aggregate consideration not exceeding Rs 2,275.75 crore