Tips Industries has surged 18% to Rs 55 on the NSE after the company announced that its board will meet on Thursday to consider share buyback proposal.
“A meeting of the board of directors of the company will be held on November 05, 2015, to consider matters related to buy-back of the fully paid-up equity shares of the company including matters related/ incidental thereto,” Tips Industries said in a filing.
The board will also consider and approve the unaudited financial results for the quarter ended September 30, 2015, it added.
Tips Industries, one of India's largest entertainment company having presence (along with its subsidiaries) in music, film production, film distribution and artist management.
As of September 2015, Kumar Taurani & Ramesh Taurani, the promoters of the company, held majority of 69.75% stake in Tips Industries.
Individual public, the second largest shareholders, held 17.34% holding, while by bodies corporate held 11.81% stake in the company, the shareholding pattern data shows.
In past three months, the stock had underperformed the market by falling 19% as compared to 6% decline in the CNX Nifty.