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The buyback offer of Gujarat Apollo Industries opens on Thursday. It plans to mop up shares worth ₹24 crore at a maximum price of ₹189 apiece. The buyback is open to all equity-holders and beneficial owners, except promoters and PAC. The buyback window would be open till November 3. Pursuant to the proposed buyback of shares and depending on the response, the voting rights of the promoters in the company may increase by over 5 per cent.
Gujarat Apollo Industries stock leaped 7% on an intraday basis on Monday as the company announced that the board of directors have approved buyback of its shares.
Shares of Gujarat Apollo Industries rose 7 percent intraday Monday on approval of buyback of its shares by board of directors.
Shares of Gujarat Apollo Industries will remain in focus, as its board of directors will meet on Thursday to evaluate the proposal for buyback of equity shares of the company. Investors will be keen to know the quantum of shares proposed to be purchased by the company, the price of the issue and the issue size and mode of buyback. They will also look for clues to whether company’s promoters will participate in the proposed buyback.
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