KPR Mill gains on share buyback plan

The stock rallied 8% to Rs 730 on the BSE in intra-day trade in otherwise weak market after the textile company said that its board will meet on Thursday to consider share buyback proposal.

KPR Mill has rallied 8% to Rs 730 on the BSE in intra-day trade in otherwise weak market after the textile company said that its board will meet on Thursday to consider share buyback proposal.

“A meeting of board of directors of the Company is scheduled to be held on February 22, 2018 to consider inter alia, the proposal for Buy-back of the fully paid-up equity shares of the Company in accordance with the applicable provisions of the law,” KPR Mill on Saturday said in a regulatory filing.

The primary objective of a share buyback programme is to