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The Investment Trust of India rallies 17% on ITI Reinsurance share buyback

At 0956 hrs, The Investment Trust of India was quoting Rs 206.45, up 15.66% on the BSE.

March 22, 2019 / 10:14 AM IST
Representative Image

Representative Image

Shares of The Investment Trust of India rallied 17 percent intraday on March 22 after the company on March 20 bought back equity shares worth Rs 54.36 crore of ITI Reinsurance Limited, making it a wholly-owned subsidiary of the company.

The Investment Trust of India in its BSE release said that the company has bought back 5,43,60,000 equity shares of Rs 10 each from ITI Reinsurance, a material subsidiary of the company.

"Post buyback, the issued capital of ITI Reinsurance is 21,74,40,000 equity shares of Rs 10 each fully paid which is wholly-owned by the company and its nominees. In view of this, ITI Reinsurance has become a wholly-owned subsidiary of the company," it added.

At 0956 hrs, The Investment Trust of India was quoting Rs 206.45, up 15.66% on the BSE.
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