Technocraft Industries announces Rs 130-crore share buyback. Check record date
Technocraft Industries announced a Rs 130 crore share buyback at a price of Rs 4,500 on Tuesday. The record date for this buyback has been set for August 27. Following the announcement, the company’s shares surged by 10% to a day's high of Rs 3,616 on the BSE today.
The buyback price represents a premium of nearly 38% over Tuesday’s closing price and will be conducted through a tender offer route.
“We wish to inform you that the Board of Directors of the Company at its meeting held today, i.e. August 13, 2024, have considered and approved the proposal for buy-back of not exceeding 2,88,889 (Two Lakhs Eighty Eight Thousand, Eight Hundred, Eighty-Nine) fully paid-up equity shares of the Company, each having a face value of INR 10/- (Indian Rupee ten only) (“Equity Shares”), representing up to 1.26% of the total number of equity shares in the paid-up equity share capital of the Company, at a price of INR 4,500/- (Indian Rupees Four Thousand Five Hundred only) per Equity Share (“Buyback Price”) payable in cash for an aggregate amount not exceeding INR 130,00,00,500/- (Indian Rupees One Hundred Thirty Crores and Five Hundred only) (“Buyback Size”)” said the company in a filing to the exchanges.
On a pre-buyback basis, 74.6% of the company's shares are held by promoters, while the remaining 25.4% are held by the public.
Prior to this, Technocraft Industries has conducted share buybacks three times, in 2022, 2017, and 2015, according to data available on Trendlyne.
In the past year, shares of Technocraft Industries
