Excel Ind surges 14 pc on board nod for share buyback

Shares of Excel Industries ended with nearly 14 per cent gains today after the company said its board has approved buyback of shares.
The stock surged 12.33 per cent on BSE to end at Rs 226.
During the day, the shares jumped 16.3 per cent to Rs 234.
At NSE, shares of the company climbed 13.75 per cent to settle at Rs 228.65.
In terms of volume, 1 lakh shares changed hands on BSE while over 4.3 lakh shares traded on NSE.
The Board of Directors approved the buyback of its equity shares of face value of Rs 5 each at a price not exceeding Rs 275 per equity share for a maximum amount of Rs 18 crore, the company said in a BSE filing.

The buyback is subject to maximum of 11,50,000 equity shares from the existing equity shareholders/ beneficial owners, other than the promoters/ persons who are in control of the company, it said.