Tata Investment surges 8% after board approves Rs 4.5 billion share buyback

The stock surged 8% to Rs 890 on BSE in early morning trade after it's board approved the share buyback at Rs 1,000 per equity share through tender offer.

Shares of Tata Investment Corporation have surged 8% to Rs 890 per share on BSE in early morning trade after its board approved a proposal to buyback 8.17% of the total paid-up equity share capital of the company through tender offer.

The buyback will be for an aggregate amount not exceeding Rs 4,500 million at Rs 1,000 per equity share. The buyback price is 22% higher as compared to Friday’s closing price of Rs 823 per share on BSE. It touched a 52-week high of Rs 955 on January 10, 2018.

“The board has approved a proposal to