 "Lakshmi Machine Works gains on share buyback proposal")
Lakshmi Machine Works was trading higher by 5% to Rs 4,570 on BSE after the company said the board will meet on Wednesday, October 26 to consider a proposal for buyback of equity shares.
Earlier on September 28, the company said that a meeting of board of directors to be held on October 26, 2016 to consider and approve the unaudited financial results for the quarter ended September 30, 2016 (Q2).
At the said meeting of the board will also consider a proposal for buyback of the equity shares of the company in accordance with applicable provisions of law, Lakshmi Machine Works said.
As of September 30, the promoters held 28.35% stake in the company. Individual shareholders held 20.3% stake, followed by insurance companies (12%), mutual funds (8.06%), and foreign portfolio investors (6.31%). Voltas held 5.3% holding, and Nemish Shah held 3.35% stake in the company.
The stock hit a high of Rs 4,600 in intra-day trade and has seen an over three-fold jump in trading volumes. A combined 69,498 shares changed hands on the counter on NSE and BSE till 01:17 pm.
Earlier on September 28, the company said that a meeting of board of directors to be held on October 26, 2016 to consider and approve the unaudited financial results for the quarter ended September 30, 2016 (Q2).
At the said meeting of the board will also consider a proposal for buyback of the equity shares of the company in accordance with applicable provisions of law, Lakshmi Machine Works said.
As of September 30, the promoters held 28.35% stake in the company. Individual shareholders held 20.3% stake, followed by insurance companies (12%), mutual funds (8.06%), and foreign portfolio investors (6.31%). Voltas held 5.3% holding, and Nemish Shah held 3.35% stake in the company.
The stock hit a high of Rs 4,600 in intra-day trade and has seen an over three-fold jump in trading volumes. A combined 69,498 shares changed hands on the counter on NSE and BSE till 01:17 pm.