This midcap stock is up by 3.50% after announcing the record date for buyback

This midcap stock is up by 3.50% after announcing the record date for buyback

by 5paisa Research Team Last Updated: Dec 14, 2022 - 01:26 pm 6.7k Views

The shares of Triveni Turbine Ltd are up on Wednesday morning by 3.50% from its previous close.

The company on Tuesday evening announced the record date for the buyback of their Equity Shares and as a result, the stock on Wednesday morning jumped by around 3.50% and it has touched its 52-week high.

The management of Triveni Turbine Ltd in the recent press release said that, "This is in furtherance of our intimation letter dated November 2, 2022, informing the Stock Exchanges about the decision of the board of directors of Triveni Turbine Limited (the “Company”), at its meeting held on November 2, 2022, having considered and approved buyback of fully paid up equity shares of the company having a face value of Rs 1 (Indian Rupee One Only) ("Equity Shares") through the "tender offer" route, at a price of Rs 350 (Indian Rupees Three hundred fifty only) per Equity Share, payable in cash, for an aggregate amount not exceeding Rs 190,00,00,000/- (Indian Rupees One Hundred Ninety Crores only), excluding expenses to be incurred for the transaction (such buyback the "Buyback)."

Triveni Turbine Ltd is primarily engaged in the business of manufacturing and supply of power-generating equipment and solutions. It is a mid-sized industrial company with a market capitalization of Rs 9,524.58 crore. Triveni Turbine Ltd is one of the leading manufacturers of industrial steam turbines in India, with a market share of more than 60%. Triveni has supplied over 5,000 steam turbines for use in over 70 countries, including Europe, Africa, Central and Latin America, Southeast Asia, and the SAARC region. 

The 52-week high of the stock is Rs 308.45 whereas the 52-week low was Rs 146.90.

At 11:06 am, it was trading at Rs 304.90

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