Business Daily from THE HINDU group of publications
Saturday, Sep 09, 2006
Business Daily from THE HINDU group of publications Saturday, Sep 09, 2006 |
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Corporate
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Buyback 24% response to Alembic Glass buyback proposals Our Bureau
Mumbai , Sept. 8 The reverse book building of Alembic Glass Industries Ltd (AGIL), which ended on Friday, pooled a cumulative offer of 32,763 equity shares (23.89 per cent). Total non-promoter shareholding in the company is put at 29.06 per cent. The four-day reverse book building began on September 4. Offer prices varied from Rs 1,742 (the floor price) per share to a maximum of Rs 17,500 per share. While majority of response (26,985 shares) was tendered at floor price, about 4,390 shares were trended at Rs 15,000. Six hundred and eighteen shares were tendered at Rs 17,500. Alembic Glass was recently merged with Shreno Ltd, a privately held company, lifting promoter holding in Alembic Glass from 71.41 per cent to 89 per cent. "The buyback price will be fixed in consultation with the BSE on Tuesday," said an official at Vivro Financial Services Pvt Ltd, the managers to the offer. Shares of Alembic Glass traded on Friday at Rs 1,990.65, up Rs 94.75 or 5 per cent on the BSE.
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