AIA Engineering to consider share buyback. Shares surge 7%
AIA Engineering via a filing on Monday announced that the company’s board might consider a buyback of its shares in its upcoming meeting. Following this announcement, the shares of the company jumped 7% to its new all-time high of Rs 4,690 on the BSE.
“The meeting of the Board of Directors of the Company is scheduled to be held on Wednesday, August 07, 2024, to consider a proposal for buy-back of equity shares of the company and other matters incidental and necessary thereto, in accordance with the applicable provisions of the Companies Act, 2013 (including the rules and regulations framed thereunder), the Securities and Exchange Board of India (Buy-back of Securities) Regulations, 2018, as amended, and other applicable laws,” said the company in a filing to the exchanges.
In case the company proceeds with its plans of buyback, this will be the first ever instance of the company doing so, according to the data available on the BSE. The company has also not issued any bonus shares to date. However, it pays out frequent dividends to its shareholders.
The shares of AIA Engineering have nearly doubled in value over the last 2 years while in the last one year, the stock has increased by 32%. On a year-to-date basis, the shares of AIA Engineering have gained 26%.
AIA Engineering specialises in the design, development, production, installation, and servicing of high chromium wear resistant parts for grinding equipment in cement, mining and quarry industries.
AIA manufactures high-chrome grinding media, liners and
