Vardhman Textiles rose 5.17% after board approves buyback of equity shares


Vardhman Textiles rose 5.17% to Rs 1,092 at 9:26 IST on BSE after the organization said its board endorsed the proposed buyback of value shares. The declaration was made on Saturday, 24 September 2016. In the interim, the BSE Sensex was down 118.98 focuses, or 0.42%, to 28,549.24. On BSE, so far 13,000 shares were exchanged the counter, contrasted and normal every day volume of 14,360 shares in the previous one quarter.

The stock hit a high of Rs 1,108 and a low of Rs 1,082 so far amid the day. The stock hit a record high of Rs 1,116.75 on 21 September 2016. The stock hit a 52-week low of Rs 651.50 on 20 January 2016. The stock had outflanked the business sector in the course of recent days till 23 September 2016, rising 4.19% contrasted and 2.99% ascent in the Sensex. The scrip had likewise beated the business sector in past one quarter, rising 17.67% as against Sensex’s 8.60% ascent.

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The mid-top organization has value capital of Rs 63.65 crore. Face esteem per offer is Rs 10. The leading body of Vardhman Textiles endorsed the proposition to buyback the completely paid-up value shares of face estimation of Rs 10 each of the organization. The buyback might be upto a total sum not surpassing Rs 720 crore at a greatest cost of Rs 1,175.

At most extreme buyback value, the buyback interprets into around 61.27 lakh value shares of the organization. The board noticed the expectation of the promoter and promoter gathering of the organization to partake in the proposed buyback with the goal that consequent to the buyback, the consolidated shareholding of the promoters remains atleast 60% of the post buyback all out paid up capital of the organization.

Vardhman Textiles’ merged net benefit rose 24.16% to Rs 178.27 crore on 0.97% ascent in net deals to Rs 1474.17 crore in Q1 June 2016 over Q1 June 2015. Vardhman Group is a main material combination in India. The gathering business portfolio incorporates yarn, greige and handled fabric, sewing string, acrylic fiber and composite steel.

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