Comments
Electrical equipment maker Crompton Greaves today said its Rs 265—crore buyback offer would begin on July 15.
The buyback offer, approved by the company’s board last month, would close on June 27, 2014.
The company, a part of Avantha Group, plans to purchase more than 2.12 crore shares during the buyback period. Each scrip would be acquired at a maximum price of Rs 125, valuing the offer at about Rs 265.7 crore, according to a public announcement.
Religare Capital Markets Ltd is the sole broker for the buyback offer.
“The maximum buyback size is Rs 2,65.7 crore, which represents approximately 10 per cent of the aggregate of the company’s total paid—up equity share capital plus free reserves as on March 31, 2012,” the announcement said.
The buyback price of Rs 125 per share is at a premium of about 43 per cent to its closing price on June 28, the day on which the board approved the proposal.
Crompton Greaves raked in a profit after tax of Rs 445.84 crore on total revenues of Rs 7,233.9 crore during the year ended March 2013.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.