The buyback price is double the current share price, which is ruling at Rs 43.40 on the BSE. In a regulatory filing, IBREL informed its board of directors on Friday that they “approved a proposal of Rs 500 crore of buyback of up to 5 crore fully paid-up equity shares...representing approximately 11 per cent of its total existing paid-up equity capital at Rs 100 per share.” The buyback would be through the tender offer route, as prescribed by markets regulator SEBI. All eligible existing holders/beneficial owners of the equity shares (including persons who become shareholders by cancelling Global Depository Receipts and receiving underlying equity shares), on a proportionate basis, could participate. The board has constituted a buyback committee and delegated its powers to oversee and implement the process. As per the current shareholding, promoters have 23.36 per cent stake in IBREL, while Bengaluru-based Embassy Group has nearly 14 per cent shareholding. On Thursday, Embassy Group CMD Jitu Virwani, said the group has no immediate plans to increase its stake in IBREL.