Equity buyback proposal buoys ICI India

DALAL STREET SPIKES

ICI India surged 7.68 per cent to close at Rs 470.55 on Wednesday after the company announced a share buyback offer. The company’s board of directors will meet on October 23 to consider the proposal to buy back equity shares from minority shareholders via market operations at a price not exceeding Rs 575 apiece.

The stock hit an intraday high of Rs 488 and a low of Rs 435. A total of 2,989 shares traded today as against a two-week average of 834 shares. The stock touched a 52-week high of Rs 678.90 on April 1 and a 52-week low of Rs 392.95 on October 6.