Godrej Consumer up on buyback move

DALAL STREET SPIKES

The stock of Godrej Consumer Products spurted following the announcement of a bay back of shares at above the current market price.

The stock since the opening trade was in the limelight hitting an intra-day all-time high of Rs 355.80 before closing at Rs 330.25, up 13.67 per cent at close.

The counter witnessed volumes of more than 22 thousand shares on BSE. The company yesterday after market hours announced a second buyback of shares through open offer at a maximum price of Rs 400 per share.

The total outgo for this buyback plan has been pegged at Rs 4.8 crore. The company's board of directors approved the buyback in a meeting held today.

The company also proposed an another buyback from the open market at a maximum price not exceeding Rs 400 per share for an aggregate amount not exceeding Rs 10.5 crore.

The promoters hold 68.19 per cent stake in the company, while the mutual fund and Unit Trust of India hold 1.97 per cent and banks and financial institutions including insurance companies hold 0.18 per cent.

The foreign institutional investors' holding in the company is 17.44 per cent as on March 31.