Redington slips after buyback offer

Redington slipped over 5% to Rs.106.10 and the stock is currently second top loser on the BSE.

Today morning, the company announced approval to buyback its equity shares. The stock had gone up over the last couple of days in anticipation of the buyback price.

And this came in at Rs.125/equity, which is pretty good given the fact that it is at a premium of 18% over the lowest intra day price today.

The Board plans to buyback 2.78% of the total paid-up equity capital of the company.

The Board 28th Sept as record date for determining the entitlement and the names of the equity shareholders, to whom the letter of offer will be sent and who will be eligible to participate in the buyback.