Praj Industries is trading higher by 5% at Rs 82 after its board of directors approved a buyback of its outstanding shares at a maximum price of Rs 90 a share from the open market.
“The board of directors of the company, at its meeting held on December 03, has approved a buy-back of its outstanding equity shares of face value Rs 2 each at a price not exceeding Rs 90 per equity share. The company will spend an aggregate amount of up to Rs 55.86 crore for the said buyback," the construction and engineering company said in a filing to the stock exchanges.
The buy-back will take place from the open market through the stock exchanges, it added.
A combined 720,397 shares have changed hands on the counter in opening deals on the NSE and the BSE.
