The Investment Trust of India gains 6% on buyback of ITI Reinsurance's stake

Post buy back ITI Reinsurance has become a wholly owned subsidiary of the company.

Mar 22, 2019 05:03 IST India Infoline News Service

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Shares of The Investment Trust of India gained 6% on Friday after the company bought back equity shares worth Rs54.36cr of ITI Reinsurance Limited, making it a wholly-owned subsidiary of the company.

"Post buyback the issued capital of ITI Reinsurance is 21.74cr equity shares of Rs10 each fully paid which is wholly owned by the company and its nominees. In view of this, ITI Reinsurance has become a wholly owned subsidiary of the company," said The Investment Trust of India in a press note after markets hours to the exchanges on Wednesday.

The Investment Trust of India Ltd's share price is currently at Rs191.80, up by Rs13.3 or 7.45%, from its previous close of Rs178.50 on the BSE.
The scrip opened at Rs199 and has touched a high and low of Rs210 and Rs187.05, respectively. So far, 1,27,916 (NSE+BSE) shares have been traded on the counter. The current market cap of the company is Rs910.77cr.

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