Britannia gets block deal boost

DALAL STREET SPIKES

Shares of Britannia Industries were in the limelight gaining nearly 3 per cent on back of a block deal on the BSE. According to market sources, a leading institutional investor sold the shares in a block deal participating in the company's buy-back offer.

The block deal was struck at Rs 640 and accounted for 2.5 lakh shares. The stock in a subdued market hit a high of Rs 645 before finally closing at Rs 639.10.

More than 1.17 lakh shares were traded at the NSE. Britannia commenced its buy-back programme through open market purchases from June 17. The company has set a maximum buy-back price of Rs 650 per share.

It plans to buy back a maximum 25 lakh shares for an amount not exceeding Rs 78 crore. The scrip has recovered from a recent low of Rs 570.35 on June 7. The recovery in the stock has been mainly after the company commenced a buy-back programme.