It also has 27 contractual projects measuring 8.07 million sq ft of developable area. NEW DELHI: Realty firm Sobha today said it has bought back 17.59 lakh shares of the company from existing shareholders for Rs 58 crore.In May, the company's board had approved buyback of up to 22.75 lakh shares for about Rs 75 crore. "We believe that the proposed buyback will enhance the long term shareholder value," Sobha Vice Chairman and MD JC Sharma had said.Sobha's share price closed at Rs 322.55 apiece on the BSE today, up 0.66 per cent.During the entire 2015-16 fiscal, net profit dropped by 35.6 per cent to Rs 153.3 crore from Rs 238.1 crore in the previous fiscal.Income from operations also fell to Rs 1,865 crore last financial year from Rs 2,440.6 crore in the 2014-15 fiscal.Sobha is currently executing 40 real estate projects in 9 cities measuring 41.20 million sq ft of developable area and 29 million sq ft of saleable area. "The company has bought back 17,59,192 equity shares of the company for an aggregate amount not exceeding Rs 58,05,33,360 being 1.79 per cent of the total paid up equity share capital, at Rs 330 per share," Bengaluru-based developer said in a filing to the BSE.Post-buyback of shares, promoters stake has come down to 60.24 per cent from 60.58 per cent.The tendering period for the buyback offer opened on June 29 and closed on July 13.

Source: Economic Times July 25, 2016 14:48 UTC