Apar Industries lost 6.07% to Rs 610 at 15:15 IST on BSE after the company's board approved buyback of shares at Rs 660 per share, a nominal premium of 1.63% compared with closing price of Rs 649.40 yesterday, 5 January 2017.
The announcement was made during market hours today, 6 January 2017.Meanwhile, the S&P BSE Sensex was down 113.45 points or 0.42% at 26,764.79.
On the BSE, 25,000 shares were traded on the counter so far as against the average daily volumes of 15,445 shares in the past one quarter. The stock had hit a high of Rs 659.85 and a low of Rs 607.50 so far during the day.
The stock had hit a record high of Rs 666 yesterday, 5 January 2017 and a 52-week low of Rs 406 on 29 February 2016.
The small-cap company has equity capital of Rs 38.50 crore. Face value per share is Rs 10.
Apar Industries' board at its meeting held today, 6 January 2017, approved the buyback up to 4.50 lakh fully paid-up equity shares, representing up to 1.17% of the outstanding equity shares of the company at a price of Rs 660 per share payable in cash for an aggregate amount of up to Rs 29.70 crore.
The buyback represents 4.09% of the fully paid-up equity share capital and free reserves (including securities premium) as per the standalone audited balance sheet of the company for the year ended 31 March 2016. The buyback will be on a proportionate basis through the tender offer. The promoters of the company have indicated their intention to participate in the proposed buyback. Promoters held 58.21% stake in Apar Industries end September 2016.
The record date for the proposed buyback is 20 January 2017.
Apar Industries' net profit rose 82.2% to Rs 45.66 crore on 1.5% rise in net sales to Rs 1252.58 crore in Q2 September 2016 over Q2 September 2015.
Apar Industries is engaged in the business of manufacture of conductors, transformer/specialty oils and power/telecom cables.
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