Indiabulls Sec share buyback to open on May 6, soars 4 pc
Brokerage firm Indiabulls Securities said its Rs 83.18-crore share buyback would begin on May 6 and close on March 5, 2010, Indiabulls Securities said in a public announcement made to its shareholders.
By PTI |
NEW DELHI: Brokerage firm Indiabulls Securities on Thursday said its Rs 83.18-crore share buyback would begin on May 6.
The buyback from the open market would begin on May 6, 2009, and close on March 5, 2010, Indiabulls Securities said in a public announcement made to its shareholders.
Following the announcement, shares of Indiabulls Securities gained 4.32 per cent to touch a high of Rs 27.75 on the Bombay Stock Exchange.
Earlier, the company's board and shareholders had approved the buying back of 3.92 crore shares from the open market at a price not exceeding Rs 33 per equity share.
"The amount required for the said buyback will be met out of free reserves and surplus and balance in the profit and loss account of the company," it said.
The company has appointed Enam Securities Direct as the registered broker for carrying out the buyback procedure.
The aggregate buyback amount of Rs 83.18 crore represents 25 per cent of the paid-up capital and free reserves of the company as on March 31, 2008.
In April last year, Indiabulls Securities listed itself on the BSE and the NSE pursuant to its demerger from domestic financial services major Indiabulls Financial Services.
The buyback from the open market would begin on May 6, 2009, and close on March 5, 2010, Indiabulls Securities said in a public announcement made to its shareholders.
Following the announcement, shares of Indiabulls Securities gained 4.32 per cent to touch a high of Rs 27.75 on the Bombay Stock Exchange.
Earlier, the company's board and shareholders had approved the buying back of 3.92 crore shares from the open market at a price not exceeding Rs 33 per equity share.
"The amount required for the said buyback will be met out of free reserves and surplus and balance in the profit and loss account of the company," it said.
The company has appointed Enam Securities Direct as the registered broker for carrying out the buyback procedure.
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The aggregate buyback amount of Rs 83.18 crore represents 25 per cent of the paid-up capital and free reserves of the company as on March 31, 2008.
In April last year, Indiabulls Securities listed itself on the BSE and the NSE pursuant to its demerger from domestic financial services major Indiabulls Financial Services.
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