Jul 16, 2013, 01.51 PM IST | Source: Moneycontrol.com

Crompton Greaves shares gain 3% as buyback offer begins

Crompton Greaves will buyback its equity shares from the existing shareholders/beneficial owners, other than the promoters/persons who are in control of the company, from the open market, at a price not exceeding Rs 125 apiece.

Moneycontrol Bureau

Crompton Greaves shares rose more than 3 percent in afternoon trade Tuesday as its shares buyback offer has started today.

The company will buyback its equity shares from the existing shareholders/beneficial owners, other than the promoters/persons who are in control of the company, from the open market, at a price not exceeding Rs 125 apiece.

Crompton will spend upto Rs 265.7 crore for this buyback offer.

The company has revised its offer date to July 16 from July 15, after fulfilling certain additional requirements from SEBI.

At 13:16 hours IST, the stock was quoting at Rs 91.70, up 3.09 percent on the Bombay Stock Exchange. In the last one year, it lost nearly 30 percent.

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