Siyaram Silk Mills Ltd’s shares were up 1.19 per cent after the company announced that its Board of Directors has granted approval for a buyback proposal involving 16,61,530 fully paid-up equity shares.

These shares, each with a face value of ₹2 will be repurchased at ₹650 per equity share, payable in cash. The total consideration for this buyback will not exceed ₹107.99 crore, exclusive of transaction costs.

The shares were up by 1.19 per cent to ₹531 at 01.42 pm on BSE.