Along with its Q2 results, the Company has announced a buyback programme.
- Â Buyback is announced @Rs215/ share totaling Rs 147 cr.
- This is around 10% premium to the current market price.
- Proposal is to buyback 68.37 lakh shares representing 1.86% of the outstanding equity shares.
- Promoters currently holding 62.89% stake in the Company would not be participating in the programme.
Company is currently facing industry headwinds due to the abnormally high crude prices. The stock has corrected by 65% in the last two years. The buyback programme seems to be rightly timed to try improve the sentiment and take advantage of the low stock prices and bring down the public holding.