 "Vardhman Textiles surges on share buyback plan")
Vardhman Textiles has surged 16% to Rs 1,117, also its record high on the BSE in early morning trade, after the company announced that its board will meet on Saturday, September 24, to consider a proposal for buyback of equity shares.
“A meeting of the board of directors of the company will be held on September 24, 2016, inter alia, to consider proposal to buy-back the fully paid-up equity shares of the Company,” Vardhman Textiles said in a BSE filing.
As of June 30, 2016, the promoters held 62.23% stake in Vardhman Textiles, the shareholding pattern data shows. Mutual Funds, Foreign Portfolio Investors and Individual shareholders held 11% stake each, respectively.
In past one-month, the stock had underperformed the market by falling 3.5%, as compared to 1.6% rise in the S&P BSE Sensex till yesterday.
At 09:27 am, the stock was up 13% at Rs 1,080 on the BSE, against 0.09% gain in the benchmark index. A combined 163,042 shares changed hands on the counter on the BSE and NSE so far.
“A meeting of the board of directors of the company will be held on September 24, 2016, inter alia, to consider proposal to buy-back the fully paid-up equity shares of the Company,” Vardhman Textiles said in a BSE filing.
As of June 30, 2016, the promoters held 62.23% stake in Vardhman Textiles, the shareholding pattern data shows. Mutual Funds, Foreign Portfolio Investors and Individual shareholders held 11% stake each, respectively.
In past one-month, the stock had underperformed the market by falling 3.5%, as compared to 1.6% rise in the S&P BSE Sensex till yesterday.
At 09:27 am, the stock was up 13% at Rs 1,080 on the BSE, against 0.09% gain in the benchmark index. A combined 163,042 shares changed hands on the counter on the BSE and NSE so far.