Aarti Industries hit 52-week high of Rs 1,130, up 8% on the BSE in early morning trade after the company said that its board approved the share buyback at price of Rs 1,200 per share through tender offer.
Aarti Industries will buyback up to 820,383 shares of the company representing up to 1% of the total number of equity shares of the company. The buy-back price per equity share is Rs 1,200, payable in cash, for an aggregate buy-back size amount of Rs 98.45 crore.
The board of directors have determined January 5, 2018 as the record date for the proposed buy-back, Aarti Industries said in a regulatory filing.
The promoter and promoter group including person in control of the company intend to participate in the proposed buyback, it added.
As of December 21, 2017, the promoter and promoter group hold 53.63% equity share in the company engaged in commodity chemicals business.
At 09:30 AM; the stock was trading 5% higher at Rs 1,098 on the BSE, as compared to 0.27% rise in the S&P BSE Sensex. A combined 75,244 shares changed hands on the counter on the BSE and NSE so far.