 "Transpek Industries gains on share buyback proposal")
Transpek Industries has rallied 8% to Rs 448 on the BSE in intra-day trade after the company announced that the board will meet on Friday, August 12, 2016 to consider a proposal for buyback of equity shares.
“A meeting of the board of directors of the company is scheduled to be held on August 12, 2016 to consider the proposal for buyback of equity shares of the company, quantum & mode of buyback, constitution of buyback committee, for the purpose of buyback, appointment of intermediaries and other matters incidental thereto,” Transpek Industries said in a statement.
As of June 30, 2016, the promoters held 52.55% stake in Transpek Industries. The individual shareholders held 27.8% stake, followed by bodies corporate (10.36%) and Life Insurance Corporation of India (3.55%), the shareholding pattern data shows.
Thus far in 2016, the stock had underperformed the market by falling 5% as compared to 8% rise in the S&P BSE Sensex till Monday.
At 10:56 am, the stock was up 5% at Rs 436 against 0.20% decline in the benchmark index. Around 11,000 shares changed hands so far as compared to an average 6,000 shares that were traded daily in past two weeks on the BSE.
“A meeting of the board of directors of the company is scheduled to be held on August 12, 2016 to consider the proposal for buyback of equity shares of the company, quantum & mode of buyback, constitution of buyback committee, for the purpose of buyback, appointment of intermediaries and other matters incidental thereto,” Transpek Industries said in a statement.
As of June 30, 2016, the promoters held 52.55% stake in Transpek Industries. The individual shareholders held 27.8% stake, followed by bodies corporate (10.36%) and Life Insurance Corporation of India (3.55%), the shareholding pattern data shows.
Thus far in 2016, the stock had underperformed the market by falling 5% as compared to 8% rise in the S&P BSE Sensex till Monday.
At 10:56 am, the stock was up 5% at Rs 436 against 0.20% decline in the benchmark index. Around 11,000 shares changed hands so far as compared to an average 6,000 shares that were traded daily in past two weeks on the BSE.
