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Home / Business News / HSIL shares surge 9.6% as board approves buyback plan

HSIL shares surge 9.6% as board approves buyback plan

The sanitaryware company’s shares have hit a 52-week high. The board’s buyback plan offer size represents 7.19% of the aggregate of total paid-up equity share capital and free reserves based on audited standalone financial statements for the last financial year ended on March 31.

business Updated: Sep 22, 2020, 14:04 IST
Asian News International | Posted by Karan Manral
Asian News International | Posted by Karan Manral
Mumbai
People walk past at a screen displaying India's Finance Minister Nirmala Sitharaman before the budget, on a facade of the Bombay Stock Exchange (BSE) building in Mumbai, India, February 1, 2020. REUTERS/Francis Mascarenhas/Files
People walk past at a screen displaying India's Finance Minister Nirmala Sitharaman before the budget, on a facade of the Bombay Stock Exchange (BSE) building in Mumbai, India, February 1, 2020. REUTERS/Francis Mascarenhas/Files

Shares of leading sanitaryware company HSIL surged over 9% on Tuesday afternoon to hit a 52-week high after the company said its board of directors has approved a share buyback plan.

“The board approved a proposal for buyback of fully paid-up equity shares of face value of Rs 2 each from open market through NSE and BSE at a maximum buyback price of Rs 105 per equity share payable in cash for an aggregate amount of Rs 70 crore,” the company said.

The maximum buyback offer size represents 7.19% of the aggregate of total paid-up equity share capital and free reserves based on audited standalone financial statements for the last financial year ended on March 31.

“At maximum buyback price and for maximum buyback offer size, the indicative maximum number of equity shares to be bought back would be 66.66 lakh equity shares which are 9.22% of the total number of equity shares,” said HSIL.

At 1 pm, HSIL was trading 9.59% higher at Rs 78.25 per share on BSE. (ANI)

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