BioFuel Energy to buy back up to $7.5 mln shares

Oct 15 (Reuters) - BioFuel Energy Corp (BIOF.O) said its board approved the buyback of up to $7.5 million common shares, with the purchases to be funded out of cash on hand.

The company, which is building plants to produce the fuel additive ethanol, said its board confirmed that plans for a third greenfield facility should be placed on hold pending an improvement in the ethanol market. (Reporting by Ramya Dilip in Bangalore)