JBF Industries has surged 8% to Rs 91.80 after it board approved the buyback of company’s equity shares at a maximum price of Rs 105 per share through open market purchase through stock exchanges.
The board of directors has approved buy-back of equity shares of Rs 10 each of the company from the existing equity shareholders of the company other than promoters and the persons who are in control of the company at price not exceeding Rs 105 per equity share, JBF Industries said in a filing.
The maximum buyback size shall not exceed the aggregate amount of Rs 73.50 crore which is within 10% of the total paid-up equity share capital and free reserves of the company as on March 31, 2013,it added.
The stock opened at Rs 87.15 and hit a high of Rs 94.70 on NSE. A combined 280,000 shares change hands on the counter till early noon deals on NSE and BSE.
The board of directors has approved buy-back of equity shares of Rs 10 each of the company from the existing equity shareholders of the company other than promoters and the persons who are in control of the company at price not exceeding Rs 105 per equity share, JBF Industries said in a filing.
The maximum buyback size shall not exceed the aggregate amount of Rs 73.50 crore which is within 10% of the total paid-up equity share capital and free reserves of the company as on March 31, 2013,it added.
The stock opened at Rs 87.15 and hit a high of Rs 94.70 on NSE. A combined 280,000 shares change hands on the counter till early noon deals on NSE and BSE.
