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Star Cement surges on getting nod to buyback 1.62% stake for Rs 102 crore

Mumbai : Star Cement is currently trading at Rs. 124.05, up by 2.55 points or 2.10% from its previous closing of Rs. 121.50 on the BSE. The scrip opened at Rs. 126.80 and has touched a high and low of Rs. 126.80 and Rs. 122.75 respectively. So far 14498 shares were traded on the counter. The BSE group ‘B’ stock of face value Rs. 1 has touched a 52 week high of Rs. 137.60 on 06-Jun-2019 and a 52 week low of Rs. 85.00 on 13-Feb-2019.

Last one week high and low of the scrip stood at Rs. 131.90 and Rs. 115.10 respectively. The current market cap of the company is Rs. 5190.05 crore. The promoters holding in the company stood at 67.99%, while Institutions and Non-Institutions held 9.94% and 22.08% respectively.

Star Cement has received approval to buyback upto 68 lakh fully paid-up equity share of Re 1 each of the Company (representing 1.62% of the total equity capital) from all the Equity shareholders of the Company, at a price of Rs 150 per share payable in cash for an aggregate consideration not exceeding Rs 102 crore. The Board of Directors of the Company at its meeting held on June 21, 2019 has approved the same. Star Cement is engaged in cement manufacturing in north east India. The company’s product range includes clinker and cement.

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