Crompton Greaves is trading higher by 3.4% at Rs 92, in otherwise weak market, on the commencement of buyback offer today. The offer will be closes on January 15, 2014.
The company plans to purchase more than 21.2 million shares at a maximum price of Rs 125, valuing the offer at about Rs 266 crore.
According to earlier schedule the offer was expected to open on July 15, but postponed by one day to incorporate amendments suggested by the market regulator Securities and Exchange Board of India (Sebi).
Currently, the promoters held 41.69% stake in the heavy electrical equipment maker. Domestic institutional investors (DIIs) having 23.69% stake, foreign institutional investors held 15.24% holding, while the remaining 19.38% stake are with the individual public shareholders and others.
The stock opened at Rs 90 and hit a high of Rs 92.40 on NSE. A combined 978,000 shares changed hands on the counter till 0941 hours on NSE and BSE.
The company plans to purchase more than 21.2 million shares at a maximum price of Rs 125, valuing the offer at about Rs 266 crore.
According to earlier schedule the offer was expected to open on July 15, but postponed by one day to incorporate amendments suggested by the market regulator Securities and Exchange Board of India (Sebi).
Currently, the promoters held 41.69% stake in the heavy electrical equipment maker. Domestic institutional investors (DIIs) having 23.69% stake, foreign institutional investors held 15.24% holding, while the remaining 19.38% stake are with the individual public shareholders and others.
The stock opened at Rs 90 and hit a high of Rs 92.40 on NSE. A combined 978,000 shares changed hands on the counter till 0941 hours on NSE and BSE.
