Rain Commodity, cement manufacturer, today said its board has approved Rs. 51.52 crore share buy back plan. The announcement forced share price to hit upper circuit of 20% , when the market was 200-300 points down than its previous close.
In the filing to the BSE, the company said the board has approved the buy back of 40,56,801 shares at a price of Rs. 127 per share. for an amount not exceeding 51.52 crore.
The market reacted positively to the announcement and the share price surged to 91.85 against its previous day's closing of 76.55. The scrip ended at 86.35 after hitting day's low of 80.10. Check Current Price.
However the company had clarified that the buy back is subject to shareholders approval.
In the filing to the BSE, the company said the board has approved the buy back of 40,56,801 shares at a price of Rs. 127 per share. for an amount not exceeding 51.52 crore.
The market reacted positively to the announcement and the share price surged to 91.85 against its previous day's closing of 76.55. The scrip ended at 86.35 after hitting day's low of 80.10. Check Current Price.
However the company had clarified that the buy back is subject to shareholders approval.
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