Techno Electric commences buyback worth Rs130 crore from July 20

20 Jul 2022 , 12:52 PM

Techno Electric & Engineering Company Limited informed that the company has initiated buyback of equity shares from the members of the company today i.e., July 20, 2022, in pursuance of the public announcement published by the company on July 13, 2022.

The company stated that such buyback will close on the earlier of either i) 6 months from the date of the Buyback’s commencement; or (ii) when the Company completes the Buyback by deploying the amount equivalent to the Maximum Buyback Size; or (iii) at such earlier date as may be determined by the Board or its Committee of Directors.

The company has earlier on July 11, 2022, announced that the Board of Directors of the company approved the proposal to Buyback fully paid-up Equity Shares of the Company of the face value of Rs2 each.

The buyback is for an amount aggregating up to Rs130 crore at a price not exceeding Rs325 per Equity Share, via the open market route.

At around 1.00 PM, Techno Electric was trading at Rs302.45, up by 0.40% against previous close of Rs301.25 on NSE. It touched intraday high and low of Rs306 and Rs300 respectively so far.