AIA Engineering Rs 500-crore buyback: Last day to buy before record date
board of AIA Engineering has approved a share buyback of Rs 500 crore at Rs 5,000 per share, a premium of nearly 10% over Friday’s closing price of Rs 4,553. August 20 has been set as the record date.
“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.
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With this buyback, the company will undertake its first-ever share buyback, according to data available on the BSE. The company has not issued any bonus shares to date but regularly pays dividends to its shareholders.
AIA Engineering's shares have gained 78% over the past two years. In the last year alone, the stock has increased by 26.5%, and on a year-to-date basis, it has risen by 23.7%.
AIA Engineering specializes in designing, developing, producing, installing, and servicing high-chromium wear-resistant parts for grinding equipment used in the cement, mining, and quarry industries.
AIA manufactures high-chrome grinding media, liners, and
