Philips Electronics to go for buy-back scheme

Kolkata, Jun 13 (UNI) Philips Electronics India Ltd will go for a buy-back scheme worth Rs 180 crore to buy out 69.23 lakh shares from the market, Chief Executive Officer Murali Sivaraman today said.

The maximum price for each equity share had been fixed at Rs 260.

''The company wants to utilize its idle fund and hence, it has decided to go for this buy-back scheme," Mr.Sivaraman told reporters on the sidelines of the company's 78th annual general meeting here.

He said the company was also actively scouting for eligible Indian partners for the joint venture route.

In 2007, the company's colour television business grew by 23 per cent, propped by six times value growth in the LCD section. "Medical business grew by 21 per cent and domestic appliances and personal care business grew by 37 per cent during the year under review," he said.

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