AIA Engineering approves Rs 500 crore buyback. Check record date
AIA Engineering approved a share buyback of Rs 500 crore in its meeting held today, at a price of Rs 5,000, which is a premium of 12% on its current market price of Rs 4,466.
“We wish to inform you that the Board of Directors of the Company, at its meeting held today, i.e., August 07, 2024, have, inter alia, approved the Buy-back of up to 10,00,000 (Ten Lakhs Only) fully paid-up Equity Shares of face value of ~ 2/- each by the Company (representing 1.06% of the total number of Equity Shares of the Company) at a price of ~ 5,000/- (Rupees Five Thousand) per Equity Share payable in cash for a total consideration not exceeding ~. 500,00,00,000/- (Rupees Five Hundred Crores only),” said the company in its filing to the exchanges.
The record date for the share buyback, which will take place through a tender offer, has been fixed as August 20 by the company.
With this buyback, this will be the first ever instance of the company doing so, according to the data available on BSE. The company has also not issued any bonus shares till date, however, it pays out frequent dividends to its shareholders.
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The shares of AIA Engineering have gained 88.5% in the last 2 years while in the last one year, the stock has increased by 26.5%. On a year-to-date basis, the shares of AIA Engineering have gained 21.5%.
AIA Engineering specialises in the design, development, production, installation, and servicing of high chromium wear resistant parts for grinding
