Panama Petrochem surges on share buyback plan
The board of directors of the company will meet on February 14, to consider the proposal for buy back of equity shares.
Panama Petrochem has surged 10% to Rs 140 on the National Stock Exchange (NSE) after the company announced buyback of equity shares.
“The board of directors of the company will meet on February 14, 2013, to consider the proposal for buy back of equity shares,” Panama Petrochem said in a statement.
“The promoters and promoter group currently hold 61.41% stake in the oil marketing and distributions company,” according to the data available on the BSE.
Individual shareholders held 33.25% stake and bodies corporate hold 3.58% stake, while the remaining 1.7% stake are with non resident Indians and others as of December 31, 2012.
The stock opened at Rs 130 and hit a high of Rs 141 on NSE. A combined 24,659 shares have changed hands on the counter so far on both the exchanges.
“The board of directors of the company will meet on February 14, 2013, to consider the proposal for buy back of equity shares,” Panama Petrochem said in a statement.
“The promoters and promoter group currently hold 61.41% stake in the oil marketing and distributions company,” according to the data available on the BSE.
Individual shareholders held 33.25% stake and bodies corporate hold 3.58% stake, while the remaining 1.7% stake are with non resident Indians and others as of December 31, 2012.
The stock opened at Rs 130 and hit a high of Rs 141 on NSE. A combined 24,659 shares have changed hands on the counter so far on both the exchanges.