TCI Express' Rs75 crore Buyback starts today; stock soars ~2%

18 Aug 2022 , 10:31 AM

TCI Express Limited informed that in regard to the Public Announcement dated August 09, 2022, the company has started the Buyback today i.e., August 18, 2022.

This Buyback shall close either on February 13, 2023 (six months from commencement date), or when the Company completes the Buyback by deploying the amount equivalent to the Maximum Buyback Size, or at such earlier date as may be determined by the Board or its Committee of Directors, after giving notice of such earlier closure.

For closure of buyback by Board, the company is subject to having deployed an amount equivalent to at least 50% of the amount earmarked as the Maximum Buyback Size for the Buyback i.e., Rs37.50 crore.

The said buyback is for an aggregate amount of Rs75 crore at a price not exceeding Rs2,050 per share and via an open market route through the stock exchanges.

At around 10.34 AM, TCI Express was trading at Rs1,721.85 per piece, up by 1.53% from its previous closing of Rs1,695.95 on the BSE. The scrip opened at Rs1,693.45 and touched intraday high and low of Rs1,726.35 and Rs1,693.45 respectively.