Mumbai, Aug. 29 :    Mumbai, Aug. 29:  Bombay Dyeing and Manufacturing Company Ltd today unveiled plans to buy back its equity at the rate of Rs 60 per share. The buyback proposal will see the Wadias hike their stake from 40.85 per cent to a comfortable 54.47 per cent. Interestingly, the Wadias had also resorted to purchases from the stock markets early this year in a bid to thwart potential raiders. As of now, foreign institutional investors (FIIs), mutual funds and NRIs hold 6.35 per cent, FIs and banks have 16.91 per cent and others hold 35.89 per cent in the company. Bombay Dyeing here said the promoters have so far bought over 18.98 lakh shares, for as high as Rs 61 per share in February this year and for as low as Rs 34 per share on March. Significantly, while the offer price for the buyback has been pegged at Rs 60, the book value of the scrip is close to Rs 160. The company will invest a little over Rs 61 crore in the buyback. Bombay Dyeing today said in accordance with various provisions, the maximum amount allowed to be utilised for implementing the programme is Rs 143.40 crore, representing 25 per cent of the paid-up capital and free reserves of the company. The company intends to buy back up to 25 per cent of its total existing share capital. On the Bombay Stock Exchange today, the Bombay Dyeing scrip closed lower at Rs 39.80 after opening at Rs 40.50 and rising to an intra-day high of Rs 40.65.