Fineotex Chemical's buyback plan to boost share prices
DSIJ Intelligence / 29 Nov 2016
Fineotex Chemical's board of directors have come with a buyback plan to buy shares worth 3.99 crores from the open market at a price not exceeding Rs 40.
Fineotex Chemical's board of directors have come with a buyback plan to buy shares worth 3.99 crores from the open market at a price not exceeding Rs 40. Currently the shares of the company are trading in a price ranging from 29 to 31 per share. The number of equity shares bought back will not exceed 25 per cent of paid-up capital. Fineotex Chemical intends to buy approximately 4.78 per cent of paid up equity share capital and free reserve of the company as on March 2016.
The buyback proposal by the company is for the purpose of increasing shareholder value. As the buyback proceeds the number of equity shares in the open market will decrease, which will then increase the EPS and ROE.
Fineotex Chemical on November 28 closed at Rs 31.80, up by 6.18 per cent. In the last three months, the shares of the company have rallied over 23 per cent. Fifty-two-week high/low of the stock stands at Rs 41.30/19.50.
If you want to stay updated with the share market news today, keep a close watch on the indian stock market today with real time movements like sensex today live and overall stock market today trends. Investors tracking ipo allotment status, ipo news today, or the latest ipo india can also follow daily updates along with bse share price live data. Whether you are learning how to invest in stock market in india, preparing for a market crash today, or searching for the best stocks to buy in india, insights on top gainers today india, top losers today india, trending stocks india and long term stocks india help in making informed investment decisions.