Britannia gains weight on buyback dose

DALAL STREET SPIKES

Britannia Industries hit a high of Rs 629.95 in intra-day trades before closing at Rs 620, up 2.39 per cent over its previous close. More than 14,395 shares were traded on the BSE.

Brokers said that the counter gained for the third straight day, as the company's buy-back programme gets underway shortly. Bangalore-based Britannia Industries has announced a buyback of its equity shares at a price of Rs 650 per share.

The buy-back size represents 9.95 per cent (25 lakh shares) of its paid-up equity capital. Britannia Industries will be spending Rs 78 crore towards share buy-back.

Britannia Industries is a equal joint venture between Wadia group and Groupe Danone. The buy-back scheme is expected to open by June 17 and close by August 7.

The issued and subscribed equity share capital of the company as on March 31 stood at 2.51 crore equity shares of Rs 10 each fully paid-up.