DCM Shriram has surged 5% to Rs 71.35 after its board approved a buyback of equity shares at a maximum price of Rs 90 per share from the open market. The buyback price is at a premium of 32% over Friday’s closing price of Rs 68 on the NSE.
The company would buyback a maximum 15 million equity shares, while total amount of buyback would not exceed Rs 135 crore, DCM Shriram said in a statement.
At the end of December quarter, the promoter and promoter group held a 62.53 per cent stake in the company. DCM Shriram believes that the buyback will help optimise value for the shareholders of the company, it said in a statement.
The stock opened at Rs 72 and touched a fresh 52-week high of Rs 75 on the NSE. The counter has seen huge trading volume with a combined 738,556 shares already changed hands on the counter till 1030 hours against an average around 150,000 shares that were traded daily in past two weeks on the BSE and NSE.
Meanwhile, the stock has rallied nearly 30% in past one week as compared to 1% rise in benchmark CNX Nifty.
The company would buyback a maximum 15 million equity shares, while total amount of buyback would not exceed Rs 135 crore, DCM Shriram said in a statement.
At the end of December quarter, the promoter and promoter group held a 62.53 per cent stake in the company. DCM Shriram believes that the buyback will help optimise value for the shareholders of the company, it said in a statement.
The stock opened at Rs 72 and touched a fresh 52-week high of Rs 75 on the NSE. The counter has seen huge trading volume with a combined 738,556 shares already changed hands on the counter till 1030 hours against an average around 150,000 shares that were traded daily in past two weeks on the BSE and NSE.
Meanwhile, the stock has rallied nearly 30% in past one week as compared to 1% rise in benchmark CNX Nifty.
