Triveni Engineering surges 10% as board approves share buyback proposal

The board has approved a buyback of 10 million shares at a price of Rs 100 per share via the tender offer route

Shares of Triveni Engineering & Industries surged 10 per cent to Rs 78.04, also its fresh 52-week high on the BSE, after its board approved a buyback of 10 million shares at a price of Rs 100 per share via tender offer.

“The board approved the proposal for buyback of equity shares of the Company, not exceeding 10 million equity shares (representing 3.88 per cent of the paid up equity share capital of the Company as at March 31, 2019), at a price of Rs 100 per share for an aggregate amount not exceeding Rs 100 crore,” Triveni Engineering