Mutliplex and cinema hall operator PVR Ltd late on Friday said its board had approved a buyback of equity shares at a price not exceeding Rs 140 per share for a total of Rs 26.22 crore.

The buyback will constitute upto 10% of the company's paid-up equity capital and free reserves, it said in a statement to the exchange.

Ahead of the announcement, shares of the firm closed at Rs 100.05 on Friday.