Weizmann Forex drops after buyback approval

Weizmann Forex lost 10% to Rs 508.70 at 14:25 IST on BSE after the company approved buyback of equity shares at Rs 702 per share.

The announcement was made after market hours yesterday, 4 June 2018.

Meanwhile, the S&P BSE Sensex was down 209.63 points, or 0.6%, to 34,802.26

On the BSE, 11,000 shares were traded in the counter so far, compared with average daily volumes of 9,645 shares in the past two weeks. The stock had hit a high of Rs 570 and a low of Rs 508.70 so far during the day.

The small-cap company has equity capital of Rs 11.56 crore. Face value per share is Rs 10.

Weizmann Forex said that board of directors approved buyback of 4.36 lakh equity shares representing 3.77% of the total number of outstanding equity shares of the company, at Rs 702 per share, for an aggregate amount of Rs 30.64 crores out of free reserves.

The buyback is proposed to be made from all equity shareholders as on record date on a proportional basis through the 'tender offer' route.

Weizmann Forex reported 85.7% slide in net profit to Rs 1.50 crore on 25.31% rise in net sales to Rs 1764.47 crore in Q4 March 2018 over Q4 March 2017.

Weizmann Forex provides foreign exchange transactions and inward money transfer.

Powered by Capital Market - Live News