The number of shares to be purchased in Siyaram Silk buyback has been reduced to 14.99 lakh. Earlier the company was planning to buy 16.61 lakh shares.
Siyaram Silk Mills, a textile sector company, has increased its buyback price. With this, the company has become the third company which has increased its buyback price in view of the rise in shares. Earlier, both L&T and BSE had increased their buyback prices, L&T’s buyback is going to open from next week.
What information has Siyaram Silk given?
The company has said in the information sent to the stock exchanges that the buyback committee of the company has increased the buyback price from Rs 650 to Rs 720, that is, the offer price has been increased by 11 percent. The stock is currently trading at the level of 589. That means the new offer price is 22 percent more than Thursday’s closing level.
However, with this the company has reduced the number of shares to be purchased in buyback to 14.99 lakh. Earlier the company was planning to buy 16.61 lakh shares.
L&T buyback from next week
L&T’s buyback is going to open from next week. The company has planned to buy back shares worth Rs 10 thousand crore through this buyback. The company has informed that the buyback will open on 18th September 2023 i.e. Monday and investors can offer their shares through this till 25th September.
L&T and BSE also increased the buyback offer price
Before this, L&T and BSE have also increased their offer prices. L&T has increased its offer from Rs 3000 to Rs 3200. The stock is above the level of Rs 2900 i.e. the new buyback price is also 9.6 percent above this level. Whereas BSE has increased its offer price from Rs 816 to Rs 1080. However, the stock has crossed the level of 1200 much above this. At present, further steps are yet to be taken by BSE regarding buyback.