The board of Shriro Holdings (ASX:SHM) said that its AU$15 million buyback of 18.5 million shares at AU$0.81 per share was oversubscribed, according to a Wednesday Australian filing.

It will scale back offered additional shares to the extent of 30%, per the filing.

The company had earlier said that for shareholders wishing to sell additional shares in excess of their buyback entitlement, additional shares would only be bought back to the extent that other eligible shareholders did not tender their full entitlement.

The company's shares were up more than 3% in recent Thursday trade.

Price (AUD): $0.82, Change: $+0.025, Percent Change: +3.16%