Sobha has rallied 7% to Rs 346 on the BSE after the real estate company announced that it has bought back 1.76 million equity shares of the company from existing shareholders for Rs 58 crore.
In May, the company's board had approved buyback of up to 2.28 million equity shares from all the existing shareholders/beneficial owners on a proportionate basis, through the tender offer route at a price of Rs 330 per equity share for about Rs 75 crore.
The tendering period for the buyback offer opened on June 29 and closed on July 13. After the buyback of shares, promoters' stake has come down to 60.24% from 60.58%, Sobha said in a release.
At 11:12 AM, the stock was up 5% at Rs 340 on the BSE as compared to 0.09% fall in the S&P BSE Sensex. A combined 144,750 shares changed hands on the counter on the BSE and NSE so far.