Shares of power producer NLC India went up sharply on Wednesday after the company stated yesterday that it had approved a share buyback of 14.19 crore shares at ₹88 a share. This buyback represents 9.28 per cent of the total number of equity shares in the paid-up share capital of the company, bringing the size of the buyback offer to ₹1,248 crore.
The stock has risen as much as 12.6 per cent to an intraday high of Rs 83 today before being quoted at Rs 81.20 on the NSE.