Bhagyanagar India, a part of Surana Group recently announced its plans to buy back its equity shares.
Narender Surana, MD, Bhagyanagar India tells CNBC-TV 18 that the company is planning to buy back its shares at a maximum share price of Rs 35 per share. The company will be buying back around 50 lakh shares. On the back of this announcement, the stock shot up almost 14% at Rs 20. Below is a verbatim transcript of his interview with CNBC-TV 18's Udayan Mukherjee. Also watch the accompanying video. Q: Why you doing this buy-back? A: Basically we felt that the market highs of the share is far below the net worth or the value of the asset and the shareholders should get a better valuation in the market or exit if they require. Second reason is that we do not have any huge investments this year. So we thought this is a good way of rewarding some of the shareholders. Q: Your promoter stake already stood at 65% or close to thatDiscover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
