Bhagyanagar spurts 3% on buyback plans

Bhagyanagar India closed at Rs 25, higher by Rs 0.8 or 3%, on the BSE.

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(updated at 11.07am)

Bhagyanagar India has added marginally in early trades on announcing a buyback offer.

The stock opened at Rs 25.85 and touched a high of Rs 26.40 -  up 6%. The stock is now up 3.4% at Rs 25.80. Over 26,638 shares have been traded on the BSE so far.

Karvy Investor Services, on behalf of Bhagyanagar India, has announced a offer to buyback a maximum of 10 million equity shares. The maximum offer price of the share would be Rs 40 per share, which is 54% above the current stock price of Rs 26.

The company will buyback a minimum of 5 million equity shares and a maximum of 10 million, depending on the buyback price being less than or equal to Rs 40 per share.

The current public shareholding stands around 40.25% of the total equity capital (29.98 million shares).