Balrampur Chini Mills yesterday said its board has approved buying back of equity shares at a price not exceeding Rs 85 apiece."The buyback would be at a price not exceeding Rs 85 per share payable in cash, for an amount up to Rs 110 crore out of free reserves by way of purchase from open market through the stock exchanges," the company said in a filing to the Bombay Stock Exchange.Shares of the company today closed at Rs 74, down by one per cent at the Bombay Stock Exchange.The country''s second largest sugar company had reported a dip of 69 per cent in its net profit to Rs 23.37 crore for the quarter ended December 31, 2010