Shares of Swaraj Engines ended down by 1.7 per cent after gaining over 2 per cent intraday.
Following a strong open at Rs 2,010 against the previous close of Rs 1,999.45, the scrip touched an intraday high of Rs 2,039.90 and a low of Rs 1,952.10. In terms of equity volume, 0.18 lakh shares exchanged hands in the evening trade.
The company shares pared their early gains and ended down by 1.68 per cent at Rs 1,965.90 on the BSE.
Swaraj Engines board had on Tuesday approved the proposal to buy back 2.94 lakh shares for Rs 70.73 crore.
The board has approved the buyback proposal for purchase by the company of its own fully paid equity shares of Rs 10 each not exceeding 2,94,746 equity shares (being 2.37 per cent of the total paid-up equity capital of the company) at a price of Rs 2,400 per share, for an aggregate amount not exceeding of Rs 70,73,90,400, the company had said in a BSE filing.
The decision was taken by the board at its meeting held on Tuesday.
In another filing, the board said: “The promoters of the company have communicated their intention to participate in the proposed buyback.”
It said that Mahindra & Mahindra Ltd has indicated that it would be tendering a maximum of 97,915 equity shares or such lower number depending on the response received from public shareholders.
Similarly, Kirloskar Industries indicated it would be tendering a maximum of 51,254 equity shares or such lower number depending on the response received from public shareholders.
(With inputs from PTI)