MUMBAI: ETC Networks announced today that it would open its buyback offer on 18 May and the last date would be either upon exhaustion of Rs 61.63 million or 20 April 2006, whichever is earlier.
 

The company had declared early this month that it would buyback its fully paid-up equity shares of face value of Rs.10/- each from the existing owners of shares of the company through the open market through stock exchange using the electronic trading facilities of the Stock Exchange,Mumbai (BSE) and the National Stock Exchange of India Limited (NSE).
 
 

The price would not exceed Rs 50 per share as maximum buyback price payable in cash, for an aggregate amount not exceeding Rs 61.63 million which represents approximately 10 per cent of the aggregate of the company's paid-up equity share capital and free reserves as on 31 March, 2005.