Crompton Greaves has rallied 9% to Rs 87 after its board approved the buyback of the company’s equity shares at a maximum price of Rs 125 per share via open market.
The company will be buyback equity shares up to an amount of Rs 266 crore, Crompton Greaves said in a statement.
Currently, the promoters held 41.69% stake in the heavy electrical equipment maker. Domestic institutional investors (DIIs) having 24.25% stake, foreign institutional investors held 14.85% holding, while the remaining 19.21% stake are with the individual public shareholders and others.
The stock opened at Rs 82 and touched high of Rs 89 on BSE. A combined 8.83 million shares have changed hands on the counter so far against an average less than 2 million shares that were traded daily in past two weeks on BSE and NSE.
The company will be buyback equity shares up to an amount of Rs 266 crore, Crompton Greaves said in a statement.
Currently, the promoters held 41.69% stake in the heavy electrical equipment maker. Domestic institutional investors (DIIs) having 24.25% stake, foreign institutional investors held 14.85% holding, while the remaining 19.21% stake are with the individual public shareholders and others.
The stock opened at Rs 82 and touched high of Rs 89 on BSE. A combined 8.83 million shares have changed hands on the counter so far against an average less than 2 million shares that were traded daily in past two weeks on BSE and NSE.
