Crompton Greaves is trading lower by 2.5% at Rs 87.45 after the company said it will commence the proposed share buy-back offer only after incorporating amendments suggested by the Securities and Exchange Board of India (Sebi).
According to earlier announcements the offer was expected to open on today and close on June 27, 2014.
“The company is in an advanced stage of fulfilling Sebi's additional requirements from its revised buyback norms,” Crompton Greaves said in a BSE filing.
The company is planning to buyback more than 21.2 million shares at a maximum price of Rs 125 per share, valuing the offer at about Rs 265.7 crore, according to a public announcement.
On June 25, 2013, SEBI came out with the revised buyback norms, which have not been notified so far.
The stock opened at Rs 87.50 and hit a low of Rs 85.25 on BSE. A combined 1.04 million shares changed hands on the counter so far on BSE and NSE.
According to earlier announcements the offer was expected to open on today and close on June 27, 2014.
“The company is in an advanced stage of fulfilling Sebi's additional requirements from its revised buyback norms,” Crompton Greaves said in a BSE filing.
The company is planning to buyback more than 21.2 million shares at a maximum price of Rs 125 per share, valuing the offer at about Rs 265.7 crore, according to a public announcement.
On June 25, 2013, SEBI came out with the revised buyback norms, which have not been notified so far.
The stock opened at Rs 87.50 and hit a low of Rs 85.25 on BSE. A combined 1.04 million shares changed hands on the counter so far on BSE and NSE.
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