Stocks

Shareholders okay Riddhi Siddhi Gluco's buyback plan

KS Badri Narayanan Chennai | Updated on July 23, 2014

Riddhi Siddhi Gluco Biols shares jumped in early trade to hit a 52-week high on the BSE after the shareholders approved the buyback proposal of equity shares at a price of Rs 450 a share through the tender offer.

After hitting a high of Rs 423.8, the stock is currently hovering around Rs 415, still up 4.53 per cent over the previous day's close of Rs 397.

The board of directors has recommended buyback of up to 23.7 lakh equity shares at a maximum price of Rs 450 per equity share for a total consideration not exceeding Rs 107 crore, Riddhi Siddhi Gluco Biols said in a statement.

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Published on July 23, 2014
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