Sandesh Limited has tanked almost 15% to Rs 305 on BSE in early morning deals, after its board fixed a maximum buyback price at Rs 302 per share through tender offer.
“The board approved the proposal of buyback through ‘tender offer’ route up to 960,000 equity shares of Rs 10 each from the shareholders of the company at a price of Rs 302 per equity share,” the company engaged in publishing newspapers said in a filing.
The stock has rallied 30% in past four trading sessions to Rs 357 from Rs 275, after the company announced share buyback plan.
The stock opened at Rs 352 and has seen a combined around 25,000 shares changing hands on the counter on BSE and NSE.
