Polyplex Corp zooms 16% on buyback plans

Our Bureau Chennai | Updated on April 07, 2020


The board of directors of Polyplex Corporation will meet on April 9 (Thursday) to consider and evaluate a proposal for buyback of shares, the company said in a notice to the stock exchanges. If approved, shareholders should closely monitor the buyback size, price of the issue and the number of shares to be bought back, besides whether that would be through open market purchase or tender route.

Currently, promoters hold, 50.01 per cent stake in the company. Among the public, Nippon India Small Cap Fund holds 5.57 per cent stake and FPIs hold 3.54 per cent. Close to 20,000 small retail investors own 15.03 per cent stake and HNIs 9.45 per cent. Shares of Polyplex Corp, which hit a 52-week high and low of ₹655 and ₹282.50, respectively, have zoomed 16.4 per cent to ₹371 on the BSE in early trade.

Published on April 07, 2020

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