Cochin Shipyard gains after announcing buyback details

Cochin Shipyard surged 3.14% to Rs 389 at 14:50 IST on BSE after the company announced that its proposed buyback of shares will open on 28 November 2018 and close on 11 December 2018.

The announcement was made on Friday, 23 November 2018 when the stock markets were closed for local holiday.

Meanwhile, the S&P BSE Sensex was up 394.53 points or 1.13% at 35,375.55

On the BSE, 27,000 shares were traded in the counter so far, compared with average daily volumes of 7,225 shares in the past two weeks. The stock had hit a high of Rs 403.95 and a low of Rs 383.05 so far during the day. The stock had hit a record high of Rs 598.90 on 24 November 2017. The stock had hit a record low of Rs 356 on 9 October 2018.

Cochin Shipyard announced buyback of up to 43.95 lakh shares at Rs 455 per share for a maximum amount of Rs 200 crore through the tender offer process. The buyback opens on 28 November 2018 and closes on 11 December 2018.

Cochin Shipyard which commenced shiprepair operations in the year 1982, is the leading shiprepair yard in the country. It has vast experience in repairing varied type of vessels including defence vessels, tankers, oil rigs, passenger vessels and port crafts.

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