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Pennar Industries has announced a buy-back from the open market for an amount not exceeding Rs 10 crore.
It will buy back the shares at prevailing market price on the stock exchanges, subject to a price not exceeding Rs 40 for an equity share and maximum and minimum shares of 40 lakh and 10 lakh respectively.
The company’s board of directors approved the move in the light of the “current satisfactory operations” and to enhance overall shareholder value by returning surplus funds to them. It will also provide an efficient mechanism for exit opportunities to shareholders who are looking for an exit.
It also expects the buy-back to increase the earnings per share of the company, Pennar Industries said in a filing to the exchanges.
On Monday, the company’s shares climbed 1.66 per cent to close at Rs 27.50 on the BSE.
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