Sobha’s buyback plan leads to ‘share surge’
DSIJ Intelligence / 01 Aug 2017
Construction major Sobha Limited’s share rose by over 2% intraday on Tuesday based on the report that the company is going to consider buyback of shares.
Construction major Sobha Limited’s share rose by over 2% intraday on Tuesday based on the report that the company is going to consider buyback of shares.
The company’s Board of Directors will meet on August 4, 2017 to consider a proposal for buyback of equity shares of the company for an aggregate amount of up to Rs 62 crore.
The stock was trading at Rs 401 per share on BSE at 0944 hours. It opened at Rs 408.65 per share. Its 52-week high stood at Rs 450 (May 17, 2017) and low at Rs 216.05 (November 9, 2016).
It attracted total traded volume of 1,02,658 shares and traded value of Rs 414.97 lakhs.
Sobha Limited is engaged in the construction and development of residential and commercial projects. It has completed approximately 390 projects in both real estate and contract verticals with a total developed area of over 81.64 million square feet.
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