 "Gandhi Special Tubes surges 16% on board nod for share buyback")
Gandhi Special Tubes surged 16% to Rs 405, also its 52-week high on the BSE in intra-day trade, after the company announced that its board approved share buyback at a price of Rs 500 per share through tender offer.
“The company to undertake a buyback of up to 880,000 equity shares of Rs 5 each aggregating up to 5.99% of the total paid up capital of the company at a price of Rs 500 per share, on proportionate basis through tender offer,” Gandhi Special Tubes said in a BSE filing.
The promoters have the option to participate in the buyback, it added.
Currently, the promoters held 73.27% stake in Gandhi Special Tubes. Individual public shareholders held 18.6% holding, followed by foreign portfolio investors (3.53%), bodies corporate (2.26%) and non-residential Indians (1.27%), according to pre buy-back shareholding pattern disclosed by the company.
At 10:38 AM; the stock was trading 14% higher at Rs 398 on the BSE as compared to 0.3% rise in the S&P BSE Sensex. The trading volumes on the counter jumped nearly 10-fold with a combined 499,389 shares changed hands on the BSE and NSE so far.
“The company to undertake a buyback of up to 880,000 equity shares of Rs 5 each aggregating up to 5.99% of the total paid up capital of the company at a price of Rs 500 per share, on proportionate basis through tender offer,” Gandhi Special Tubes said in a BSE filing.
The promoters have the option to participate in the buyback, it added.
Currently, the promoters held 73.27% stake in Gandhi Special Tubes. Individual public shareholders held 18.6% holding, followed by foreign portfolio investors (3.53%), bodies corporate (2.26%) and non-residential Indians (1.27%), according to pre buy-back shareholding pattern disclosed by the company.
At 10:38 AM; the stock was trading 14% higher at Rs 398 on the BSE as compared to 0.3% rise in the S&P BSE Sensex. The trading volumes on the counter jumped nearly 10-fold with a combined 499,389 shares changed hands on the BSE and NSE so far.
One subscription. Two world-class reads.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%