Netia to buy back shares, pay 78 pct premium over mkt price

WARSAW, March 13 Wed Mar 13, 2013 1:46pm EDT

WARSAW, March 13 (Reuters) - Poland's No.2 telecoms group Netia plans to buy back up to 4.4 percent of its outstanding shares paying a 78 percent premium over Wednesday's closing price, the company said in a statement released after market close.

Netia shares closed at 4.49 zlotys each on Wednesday.

The total value of the buy-back will amount to up to 128.1 million zlotys ($40.07 million) and Netia plans to purchase up to 16.01 million of its shares in an offer to be held between Apr.2 and May.22, the company said.

The company, which has already bought back 8.3 percent of its shares, said it planned to hand back cash via further buybacks, dividends, or capital redemptions. ($1 = 3.1972 Polish zlotys) (Reporting by Marcin Goettig; editing by Keiron Henderson)

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