Mcleod Russel gains 4% on buyback approval

Shares of Mcleod Russel gained 4 percent in the opening trade on Monday as company approved buyback of its equity shares.

The board of directors of the company approved the buyback of its fully paid-up equity shares having face value of Rs 5 each for a price not exceeding Rs 210 per equity share from the shareholders of the company.

The buyback of shares not exceeding 47,61,904 equity shares which-is 4.35 percent of the total number of paid-up equity shares of the company.

At 09:20 hrs Mcleod Russel (India) was quoting at Rs 146.80, up Rs 2.35, or 1.63 percent on the BSE.