DCM Shriram Consolidated has soared 16% to Rs 69 after the company said its board will consider the buyback of its own equity shares from the existing shareholders in forthcoming board meeting.
“A special meeting of the board of directors will be held on February 22, 2014 to consider the report of sub-committee of the board to look at all options including share buy-back from the existing shareholders, review of dividends policy, bonus issues etc. for rewarding the shareholders,” DCM Shriram Consolidated said in a BSE statement.
Currently, the promoters held 62.53% stake in the company. The individual shareholders held 13.54% stake, followed by domestic institutional investors (10.99%) and foreign investors (0.56%). The remaining 12.38% stakes are with the bodies corporate and others.
The stock opened at Rs 66 and touched a 52-week high of Rs 70.35 on the BSE. A combined 544,000 shares changed hands on the counter so far on BSE and NSE.
“A special meeting of the board of directors will be held on February 22, 2014 to consider the report of sub-committee of the board to look at all options including share buy-back from the existing shareholders, review of dividends policy, bonus issues etc. for rewarding the shareholders,” DCM Shriram Consolidated said in a BSE statement.
Currently, the promoters held 62.53% stake in the company. The individual shareholders held 13.54% stake, followed by domestic institutional investors (10.99%) and foreign investors (0.56%). The remaining 12.38% stakes are with the bodies corporate and others.
The stock opened at Rs 66 and touched a 52-week high of Rs 70.35 on the BSE. A combined 544,000 shares changed hands on the counter so far on BSE and NSE.
