Suprajit Engineering announces ₹112 Crore buyback

16 Aug 2024 , 01:39 PM

Suprajit Engineering announced a ₹112.5 Crore share purchase on Wednesday, with August 27 as the record date and a buyback price of ₹750, a 39% premium to Wednesday’s closing price.

Following this, the stock rose 10.35% to a new all-time high of ₹595 on the NSE.

According to Trendlyne statistics, the company previously planned a share buyback in 2021.

According to the company’s pre-buyback shareholding pattern as of August 9, 44.6% of the equity is held by the promoter and promoter group, with the remaining 55.4% held by public shareholders such as mutual funds, alternate investment funds (AIF), and foreign institutional investors (FIIs), among others.

The buyback will take place through a tender offer, and the company will provide more information, dates, and other elements at a later date.

The Suprajit Group is a global leader in automotive cable and halogen bulb manufacturing. With the most competitive manufacturing base in India and global technical and logistical support, the group offers the best product development and production solutions to its local and international customers.

At around 1.11 PM, Suprajit Engineering was trading 13.57% higher at ₹612.30, against the previous close of ₹539.15 on NSE. The counter touched an intraday high and low of ₹618.90, and ₹565.30, respectively.

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