United Phosphorus gains over 2%, hits 52-week high on buy-back approval

NEW DELHI: UPL, formerly known as United Phosphorus Ltd, surged as much as 2.6 per cent in trade on Monday to hit its 52-week high of Rs 198.40 on the Bombay Stock Exchange, after the company said its board approved buy-back of equity shares up to 1.4 cr shares at an offer price of Rs 220 apiece.

The offer price of Rs 220 represents a premium of nearly 14 per cent from Friday’s closing price of Rs 193.25.

At 12:30 p.m.; United Phosphorous pared some of the gains and was trading 1.3 per cent higher at Rs 195.20. It has hit a low of Rs 192.15 and a 52-week high of Rs 198.40 in trade today.

The Board of Directors of the Company at its meeting held on December 30, 2013, have unanimously approved the Buy-back of Equity Shares upto 1,40,00,000, United Phosphorous said in a filing with the Bombay Srock Exchange on Monday.