Five listed companies, including Cairn India and DCM Shiriram
have announced plans to buyback shares worth nearly Rs 6000 crore from
shareholders this year so far. Other three firms that have launched their
buyback offers are Isgec Heavy Engineering,Gujarat Apollo Industries and Indo
Borex & Chemicals.
All the Five companies planned to infuse a capital of Rs 5940.85 crore to repurchase 19 crore shares from their respective shareholders through open market route, according SEBI data. Cairn India's Rs 5725 crore buyback offer, which was launched in January, is the major among five programmes this year.
These five firms would have to complete their buyback within plans within a period of six months from the date of opening their offer and it would also be mandatory for the companies to repurchase at least 50% of the offers, under the new norms issued by SEBI in august 2013. Those who not able to meet the target would be barred from launching another offer for a period of one year while they could also be imposed with a penalty amounting to maximum of 2.5% on the funds lyng in the escrow account.
Meanwhile, 14 companies have completed their respective buyback programmes, so far this year , and have repurchased nearly 8 crore shares for Rs 1210.62 crore. These include buyback plans of Crompton Greaves, Aptech, UPL Ltd, Jindal Steel & Power and Maharastra Seamless.
Jindal Steel & Power utilized Rs 500.80 crore to buyback around 2 crore shares followed by UPL Ltd which invested Rs 282.57 crore and repurchased 1.40 crore of its scrips from the shareholders.
All the Five companies planned to infuse a capital of Rs 5940.85 crore to repurchase 19 crore shares from their respective shareholders through open market route, according SEBI data. Cairn India's Rs 5725 crore buyback offer, which was launched in January, is the major among five programmes this year.
These five firms would have to complete their buyback within plans within a period of six months from the date of opening their offer and it would also be mandatory for the companies to repurchase at least 50% of the offers, under the new norms issued by SEBI in august 2013. Those who not able to meet the target would be barred from launching another offer for a period of one year while they could also be imposed with a penalty amounting to maximum of 2.5% on the funds lyng in the escrow account.
Meanwhile, 14 companies have completed their respective buyback programmes, so far this year , and have repurchased nearly 8 crore shares for Rs 1210.62 crore. These include buyback plans of Crompton Greaves, Aptech, UPL Ltd, Jindal Steel & Power and Maharastra Seamless.
Jindal Steel & Power utilized Rs 500.80 crore to buyback around 2 crore shares followed by UPL Ltd which invested Rs 282.57 crore and repurchased 1.40 crore of its scrips from the shareholders.
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