Zale to buy back $200 mln of shares

Nov 12 (Reuters) - U.S. jeweler Zale Corp (ZLC.N) said its board has approved a buyback of up to $200 million common stock.

The company also said it expects to realize estimated after-tax proceeds, net of transaction expenses and outstanding payables, of about $175 million from the sale of its Bailey Banks & Biddle brand. (Reporting by Neetha Mahadevan in Bangalore; Editing by Himani Sarkar)