Aarti Industries hit a new 52-week high today morning at Rs.1129.55, up some 8% on the BSE.
This euphoria was on account of the Board approving its share buyback program at a price of Rs.1200/share through tender offer.
The company plans to buyback up to 8,20,383 shares, which is 1% of the total number of equity shares, aggregating Rs.98.45 crore.
5th Jan 2018 is the record date and the promoters/promoter group plan to participate in the proposed buyback.
Currently, the promoters hold 53.63% stake.