JK Paper share price up 4% after board approves share buyback
The stock witnessed a spurt in volume by more than 3.55 times and was trading with volumes of 492,743 shares compared to the five-day average of 84,181 shares.
April 28, 2020 / 03:13 PM IST
The share price of JK Paper jumped more than 4 percent intraday on April 28 after the company’s board approved the buyback of its fully paid-up equity shares.
The board met during the day and approved the buyback of fully paid-up equity shares having face value of Rs 10 each at a price not exceeding Rs 130 per share and for an amount not exceeding Rs 100 crore from the shareholders excluding promoter, promoter group and persons who are in control of the company, payable in cash via the "open market" route through the stock exchange mechanism under the Securities and Exchange Board of India (Buy-Back of Securities) Regulations, 2018 (“Buyback Regulations”), as amended and the Companies Act, 2013, as amended (“Companies Act”), and other applicable rules (the process hereinafter referred to as the "Buyback"), the company told the exchanges.
The stock, which has surged more than 42 percent in the last one month, was quoting at Rs 106.40, up Rs 3.90, or 3.80 percent at 1459 hours.
It has touched an intraday high of Rs 108.80 and an intraday low of Rs 101.10. It witnessed aspurt in volume by more than 3.55 times and was trading with volumes of 492,743 shares, compared to its five-day average of 84,181 shares, an increase of 485.34 percent.