Borosil Glass Works has rallied 6% to Rs 820 on the commencement of buyback offer today.
The company proposed to buy back its own shares at a price not exceeding Rs 850 a share payable in cash for an aggregate amount not exceeding Rs 81.93 crore.
The maximum buyback size is within 25% of the aggregate of the company’s paid-up equity capital and free reserves as on March 31, 2011. The aggregate paid-up equity share capital and free reserves of the company was Rs 667 crore as on March 31, 2011, the company said in a filing to the stock exchanges.
The last date for the proposed buyback would be November 10, 2012 or when the company completes the buyback to the extent of 0.96 million equity shares, whichever is earlier, the company added.
The stock opened at Rs 793 and touched a high of Rs 824 on the Bombay Stock Exchange (BSE). Around 1,915 shares have changed hands on the counter on the BSE.