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The board of Greaves Cotton on Thursday approved buyback of up to 1.30 crore shares at 175 apiece, aggregating up to 227.50 crore. The offer would be on a proportionate basis through tender offer. Shareholders whose name had appeared on the record book as on July 11 are only eligible to participate in the buyback, which opens on October 18 and closes on November 1. The stock is currently ruling at 136.30; its 52-week high and low are 157.25 and 111.10, respectively.

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