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Monnet Ispat Ltd has decided to buy back shares worth Rs 100 crore from the open market at a price not exceeding Rs 500 each. Following the announcement on Friday, the Monnet Ispat scrip touched an intra-day high of Rs 380 on the BSE before closing at Rs 364.65, a gain 1.50 per cent over previous close.
The board of directors of Monnet Ispat approved company's proposal to go for a buyback on Thursday.
“The buyback will be from the open market, through the stock exchanges, at a price not exceeding Rs 500 a share, up to a maximum of Rs 100 crore, being 4.97 per cent of the total paid-up capital and free reserves of the company,” Monnet said in a note to the BSE.
The Monnet scrip has gained about a fifth in the past five trading sessions since the stock touched a 52-week low of Rs 305 on Friday last week.
Promoters — the Jajodia family and group companies — own 49.42 per cent stake in Monnet Ispat as of September end. The foreign institutional investors own 35.26 per cent of the company.
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