Greaves Cotton approves buyback of equity shares
The board of Greaves Cotton Limited on Thursday approves buyback of 1.30 crore equity shares of Rs. 2 each.
The proposed buyback of up to 1.3 crore fully paid up equity shares of Rs. 2 each of Greaves Cotton Limited at a price of Rs. 175 per equity shares payable in cash aggregating up to Rs. 227.50 crore, on a proportionate basis, through tender offer route. Shareholders whose name had appeared on the record book as on July 11 are only eligible to take part in the buyback, which opens on 18th October and closes on 1st November.
Greaves Cotton Limited is an engineering company that manufactures engines and heavy equipment. The company produces diesel, petrol, kerosene, gasoline engines, diesel pump sets, gensets, farm equipment, and construction equipment. The company has sustained its leadership through 6 manufacturing units which produce world-class products backed by comprehensive spares and services through its 3500+ service outlets across India. In 2013, the company announced that it would be selling road construction equipment, including stationary concrete pumps and roadside drills.
On Friday, the stock of Greaves Cotton opened at Rs. 137.55 per share and made an intraday high and low of Rs. 141.30 and Rs. 135.85, respectively on the BSE. The stock closed at Rs. 137 up by 0.51 per cent.