DCM Shriram buys back 34 lakh shares for Rs 30 crore

DCM Shriram today said it has purchased back more than 34 lakh shares for Rs 30 crore from its shareholders.
In February this year, the company had announced that it would buy back shares for total consideration not exceeding Rs 135 crore, with an aim to optimise value for the shareholders of the company.
"The Company has bought back 34,87,183 equity shares of Rs 2 each fully paid,...Up to September 4, 2014, under the buyback offer..," DCM Shriram said in a BSE filing.
As on June 2014, the promoter and promoter group had 63.88 per cent stake in the company.

It had reported 56 per cent increase in its consolidated net profit during the first quarter to Rs 177.33 crore.
During the quarter, the company sold its textile unit in Rajasthan for lumpsum consideration of Rs 17.13 crore, while in the same period US-based Axiall acquired 50 per cent stake in its subsidiary Shriram Vinyl Polytech, an entity involved in the production and sale of poly vinyl chloride (PVC) compounds.
Shares of the company today closed at Rs 215.05 per piece up by 3.86 per cent on BSE today.