Ashiana Housing hits 52-week high on buyback news

13 Jul 2023 , 02:05 PM

Ashiana Housing’s stock jumped over 15% in today’s trade hitting a new 52-week high of Rs 228 on the National Stock Exchange following the company’s announcement of buyback.

At around 1.55 PM, Ashiana Housing was trading 8.70% higher at Rs 215.45, against the previous close of Rs 198.20 on NSE.

The company’s board of directors approved a buyback proposal for up to 18.27 lakh shares at a cost of Rs 55 crore. The company said that the buyback price is Rs 301 per share, representing a 52% premium over the Wednesday closing price of Rs 198.

The announcement sparked a surge in buying activity in the stock, with over 11.39 lakh shares changing hands around 11 a.m.

Today’s gains extended the stock’s three-session winning streak. The stock’s 52-week low is Rs 128.15, which it reached in December 2022.

According to the exchange filing, the number of shares Ashiana proposes to buy back from investors aggregates to 1.78% of the total number of equity shares in the company’s paid-up share capital.

The company has fixed July 28, Friday, as the record date for the buyback. According to the exchange filing, the company will announce the buyback process, timelines, and other necessary details in due course.

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