Mayur Uniquoters announces share buyback
Shares of Mayur Uniquoters jumped more than 4.7% to Rs 267.50 apiece on NSE, after it received board approval to buyback shares.
The board of directors gave their consent to buyback 7.5 lakh shares or 1.65% of the total equity at Rs 400 per share, which is a 56.5% premium to Tuesday’s closing price.
The total consideration for the buyback will be Rs 30 crore. November 25 fixed as the record date for the buyback.
Mayur Uniquoters, incorporated in the year 1992, operating in Plastics sector.
Mayur has seen good traction in exports while its domestic business is improving gradually. Exports revival since Q3 FY20 and is expected to provide cushion in FY21.
Though, the supply to Mercedes could be delayed by a quarter to Q1 FY22 while approval from BMW is awaited. The domestic auto industry is seeing some signs of recovery, sustenance is the key.
Promoters held 61.4% stake in the company as of June 30, 2020, while FIIs held 7.1%, DIIs 3.7% and public and others 27.7%.
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