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Monnet Ispat Ltd has decided to buyback 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 and was trading at Rs 365 towards the close of trading hours, a gain 1.81 per cent over previous close.
The board of directors on Thursday approved the company’s proposal to go for a buyback.
"The buyback will be from the open market, through the stock exchanges, at a price not exceeding Rs 500 per 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…,'' the company 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 yearly 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. Foreign institutional investors, including Deutsche Securities Mauritius, Goldman Sachs and Copthall Mauritius Investment, own 35.26 per cent of the company.
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